On April 10, 2016, when the spot rate is ($1.30/,) a U.S. company sells merchandise to a
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On April 10, 2016, when the spot rate is \($1.30/€,\) a U.S. company sells merchandise to a customer in Italy.
The spot rate is \($1.31/€\) on June 30, the company’s year-end. Payment of €100,000 is received on August 10, 2016, when the spot rate is \($1.28/€.\) What is the effect on fiscal 2016 and 2017 income?
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