Complete the following statement by choosing the best response: If the functional currency of a foreign subsidiary is the local currency of the country in which the foreign subsidiary operates, then only retained earnings must be remeasured into U.S. dollars. the foreign subsidiary's financial statements must be remeasured into U.S. dollars. only the foreign subsidiary's assets and liabilities must be remeasured into U.S. dollars the foreign subsidiary's financial statements are translated into U.S. dollars