The Charlie Corporation, based in Dallas, transacts business in the United States and Mexico. Its wholly owned subsidiary (Cancun, Inc.) is located in Mexico Consolidated financial statements are being prepared for Year 1. Charlie Corp and Cancun Inc. have a December 31 year-end. The currency exchange rates are as follows for the current year (Year 1): January 1, Year 1: 1 peso equals $.088 Average for Year 1: 1 peso equals $.090 November 1, Year 1: 1 peso equals $.092 December 1, Year 1: 1 peso equals $.094 December 31, Year 1: 1 peso equals $.095 January 31, Year 2: 1 peso equals $.098 Select the effect a change in currency exchange rates will have for each statement. Select the correct answer from the