20) in which of the following cases should the functional currency of the foreign 20) subsidiary be the reporting currency of the U.S. parent (U.S. dollars)? A. The subsidiary makes the majority of the transactions in its home country's currency. B. The U.S. dollar is experiencing high inflation. C. The subsidiary's home currency is experiencing high inflation. D. The subsidiary is in bankruptcy proceedings. 14). 14) When translating foreign currency financial statements into the reporting currency, which of the following items would not be translated using the current (year-end) rates? A. Common stock B. Fixed assets C. Notes payable D. Accounts receivable