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On December 20, 2020, Momeier Company (a U.S.-based company) sold parts to a foreign customer at a price of 50,000 rials. Payment is received on
On December 20, 2020, Momeier Company (a U.S.-based company) sold parts to a foreign customer at a price of 50,000 rials. Payment is received on January 10, 2021. Currency exchange rates are as follows:
| Date | U.S. Dollar per Rial | |
| December 20, 2020 | $ | 1.08 |
| December 31, 2020 | 1.05 | |
| January 10, 2021 | 1.01 | |
- How does the fluctuation in the U.S. dollar per rial exchange rate affect Momeiers 2020 income statement?
- How does the fluctuation in the U.S. dollar per rial exchange rate affect Momeiers 2021 income statement?
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