When the Functional Currency Is Not the Same as the Presentation

When the functional currency is not the same as the presentation currency, the investee must translate the financial statements using the____________ for balance sheet accounts and ________________ for income statement accounts.

A) year-end closing rate; year-end closing rate
B) year-end closing rate; the rate when the transaction occurred
C) the rate when the transaction occurred; year-end closing rate
D) the rate when the transaction occurred; the rate when the transaction occurred.

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