14. Which statement is correct? a. AOCI is closed out against Retained Earnings. b. OCI is closed out against Retained Earnings. c. OCI is closed out against AOCI d. AOCI is closed out against OCI 15. Which of the following statements is correct? a. AOCI is recorded on the parent's separate books b. AOCI is reported on the Consolidated Financial Statements e. Both a and b are correct d. Neither a norb is correct 16. Home Depot makes reference to its Foreign Currency Translation process in the Notes to Consolidated Financial Statements. Which of the following choices is nor part of Home Depot's translation process in its footnotes? a. Assets and liabilities are translated into dollars at the current rate of exchange on the last day of the reporting period. b. Contra asset accounts are translated using the average exchange rates for the period. c. Revenues and expenses are translated using average exchange rates for the period. d. Equity transactions are translated using the actual rate on the day of the transaction. 17. Home Depot makes reference to its Foreign Currency Translation adjustments in the Notes to Consolidated Financial Statements. Which of these two choices is the correct reference? 2. Comprehensive income includes net earnings ... and (those) that are excluded from net earnings under GAAP, which consists primarily of foreign currency translation adjustments. b. Comprehensive income includes net earnings ... and those) that are included in net earnings under GAAP, which consists primarily of foreign currency translation adjustments