According to the current-rate method of translating foreign currency financial statements, O current assets and liabilities are translated at current exchange rates, and other assets, liabilities and owner's equity are translated at historical exchange rates. O only those assets carried at past exchange prices should be translated at the historical rate. O only owner's equity is translated at historical exchange rates. translation losses are taken to income, but translation gains are deferred. Question 22 (3 points) The current rate method of translating financial statements is used when O the local currency is the functional currency. the local currency is the foreign currency. the parent's reporting currency is the functional currency you are translating current financial statements. Question 23 (3 points) The currency of the primary economic environment in which the firm operates is the functional currency reporting currency histoncal currency il base currency