A Singapore company has a subsidiary in England and another subsidiary in the United States. Both subsidiaries maintain their books and accounting records in their respective currencies. The functional currency of both the subsidiaries is the US dollar. What methods will the Singapore parent use to translate each of the subsidiary’s financial statements into its presentation currency, the Singapore dollar?

(a) Both subsidiaries will use the closing rate method to translate their financial statements.

(b) The US subsidiary will use the closing rate method and the subsidiary in England will use remeasurement method.

(c) The US subsidiary will use the closing rate method while the subsidiary in England will first remeasure its financial statements into the US dollar and then translate using the closing rate method.

(d) The US subsidiary will use the closing rate method while the subsidiary in England will first use the closing rate method to translate its financial statements into the US dollar and then remeasure the financial statements into the presentation currency.