Consider the following three statements 1. When translating financial statements to a different presentation currency, all items are translated at the average exchange rate for the year. 2. A company registered in Australia will always have the Australian dollar as a functional currency. 3. All subsidiaries of a company with the Australian dollar as a functional currency must also use the Australian dollar as their functional currency. What of the following statement is correct: O Statement 1 Statement 2 O Statement 3 O Statements 1, 2 and 3 are all correct Statements 1, 2 and 3 are all incorrect >