Key Ltd, a New Zealand entity, purchased Lee Ltd and Kew Ltd on 1 July 2014. Both entities are considered foreign operations of Key Ltd based in Singapore. The following information was extracted from the foreign operation's accounts for the period ended 30 June 2017: In Singapore $ Lee Ltd Kew Ltd Equipment (purchased 1 July 2014, revalued 1 June 2016) 650,000 200,000 900,000 500,000 Debentures (issued 1 June 2016) Inventory-asset (purchased last quarter 2017) 68,000 50,000 Depreciation expense-equipment 54,000 25,000 Share capital at acquisition of foreign operation 4,000,000 2,000,000 Sales revenue (earned evenly over the period) 850,000 680,000 Exchange rate information is: 1 July 2014 $S1.00 = NZ$ 1.0520 Average for year ended 30 June 2017 $S1.00 = NZ$ 1.0700 1 June 2016 $S1.00 = NZ$ 1.0735 Second quarter 2017 $S1.00 = NZ$ 1.0600 30 June 2017 $S1.00 = NZ$ 1.0690 The translation from Singapore dollars to New Zealand dollars resulted in the following balances: In NZ $ Lee Ltd Kew Ltd Equipment (purchased 1 July 2014, revalued 1 June 2016) 694,850 214,700 Debentures (issued 1 June 2016) 962,100 534,500 Inventory on hand(second quarter 2017) 72,692 53,000 Depreciation expense-equipment 57,780 26,838 Share capital at acquisition of foreign subsidiary 4,208,000 2,104,000 Sales revenue (earned evenly over the period) 909,500 727,600 Which of the following translation processes were applied to Lee Ltd and Kew Ltd, respectively, for the year ended 30 June 2017? Select one: O a. presentation currency; functional currency. O b. functional currency; functional currency. c. functional currency; presentation currency. d. presentation currency; presentation currency