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How does the us entity account for the transaction

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Reference no: EM131788656

Question: A US entity sells apples to an entity based in Moldovia where the currency is the Moldovian Pound (Mol). The apples were sold on 1/10/2011 for Mol 200000 and were paid for in February 2012.

The rate on 1 october 2011 is US $1: Mol 1.55

The rate on 31 December , 2011(the reporting date) is US $1:Mol 1.34

Required

How does the US entity account for the transaction in its financial statements for the year ended 31st December 2011.

Reference no: EM131788656

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