1. The 2016 annual report of Leahy Enterprises included the following disclosure:
2. During fiscal 2016, the U.S. dollar strengthened relative to the other principal currencies in which we transact business with the exception of the Indian rupee.
3. What effect did these currency fluctuations have on Leahy Enterprises' 2016 consolidated incomestatement?
4. A)Net profit of the Indian subsidiary will be higher
5. B)Net profit of the Indian subsidiary will be lower
6. C)Net assets of the subsidiaries that report in the other principal currencies will be higher
7. D)Net assets of the subsidiaries that report in the other principal currencies will be lower
8. E)BothAandD