If the functional currency is determined to be the U.S. dollar and its financial statements are prepared in the local currency, SFAS 52, requires which of the following procedures to be followed?
A) Translate the financial statements into U.S. dollars using the current rate method.
B) Remeasure the financial statements into U.S. dollars using the temporal method.
C) Translate the financial statements into U.S. dollars using the temporal method.
D) Remeasure the financial statements into U.S. dollars using the current rate method.
Correct Answer:
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