Question 8 1 pts Enron, another of the largest U.S. bankruptcies from 2001, committed multiple accounting frauds. One of their preferred frauds was a repo transaction just before releasing their financial statements. Instead of raising debt through normal channels (bank loans, public bonds, etc.) they would engage in the following transaction with a financial institution: Enron sells an asset to the financial institution and they receive cash for it, but at the same time, Enron pledges to buy back the asset at a later date (typically days or a few weeks at the most) for a slightly higher price than they originally received for it (notice that this is similar to receiving a short term loan from the financial institution where you have to pay a small interest and you pledge an asset as collateral). Enron would book the sale of the asset as income but neglect to book the promise to buy back the asset anywhere in their statements. What was the impact of this practice on Enron's net income, ROA and ROE? Did this distort their Balance Sheet in any way