Question: On December 2 0 , 2 0 2 3 , Momeier Company ( a U . S . - based company ) sold parts to

On December 20,2023, Momeier Company (a U.S.-based company) sold parts to a foreign customer at a price of 85,000 rials. Payment is received on January 10,2024. Currency exchange rates are as follows:
DateU.S. Dollar per RialDecember 20,2023$ 1.18December 31,20231.15January 10,20241.11
Required:
How does the fluctuation in the U.S. dollar per rial exchange rate affect Momeiers 2023 income statement?
How does the fluctuation in the U.S. dollar per rial exchange rate affect Momeiers 2024 income statement?

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