Say, you are a Forex Analyst at Tesla and you are analyzing the 10-K for the year ended December 31, 2020. The following facts are stated in the Tesla 10-K.

• Net Income, including foreign exchange translation, was USD 862 million.
• Net Income, excluding foreign exchange translation, was USD 1.26 Billion.

Recall that Revenue minus expenses equals Net Income.

Based on these facts, which of the following could be true?

A ) Teslas foreign revenues (selling vehicles in foreign countries) were higher than Teslas foreign expenses (paying workers in foreign countries, etc.), and the USD appreciated in relation to an aggregated basket of currencies of those foreign countries

B ) Teslas foreign revenues (selling vehicles in foreign countries) were higher than Teslas foreign expenses (paying workers in foreign countries, etc.), and the USD depreciated in relation to an aggregated basket of currencies of those foreign countries

C ) Teslas foreign expenses (paying workers in foreign countries, etc.) were higher than Teslas foreign revenues (selling vehicles in foreign countries), and the USD appreciated in relation to an aggregated basket of currencies of those foreign countries

D ) Teslas foreign expenses (paying workers in foreign countries, etc.) were higher than Teslas foreign revenues (selling vehicles in foreign countries), and the USD depreciated in relation to an aggregated basket of currencies of those foreign countries

Group of answer choices

A or C

A or D

B or C

B or D