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On April 10, 2016, when the spot rate is $1.29/, a U.S. company sells merchandise to a customer in Italy. The spot rate is $1.30/

On April 10, 2016, when the spot rate is $1.29/, a U.S. company sells merchandise to a customer in Italy. The spot rate is $1.30/ on June 30, the companys year-end. Payment of 120,000 is received on August 10, 2016, when the spot rate is $1.27/. What is the effect on fiscal 2016 and 2017 income?

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