Question: Import and export transactions On November 1, 2018, when the spot rate is $1.40/, a U.S. company sells merchandise to a customer in France at

Import and export transactions On November 1, 2018, when the spot

Import and export transactions On November 1, 2018, when the spot rate is $1.40/, a U.S. company sells merchandise to a customer in France at a price of 1,000,000. The spot rate is $1.387 on December 31, 2018, the company's year-end. The company receives payment from the customer on January 23, 2019, when the spot rate is $1.417. At what amount should the U.S. company report sales revenue from this transaction on its 2018 income statement? Select one: $1,380,000 $1,000,000 $1,410,000 $1,400,000

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