Lancer, Inc. (a U.S.-based company), establishes a subsidiary in Croatia on January 1, 2019. The following account balances for the year ending December 31, 2020, are stated in Kuna (K), the local currency: Sales Inventory (bought on 3/1/20) Equipment (bought on 1/1/19) Rent expense Dividends (declared on 10/1/20) Notes receivable (to be collected in 2023) Accumulated depreciation-equipment Salary payable Depreciation expense 200,000 100,000 80,000 10,000 20,000 30,000 24,000 5,000 8,000 The following U.S. $ per kuna exchange rates are applicable: January 1, 2019 Average for 2019 January 1, 2020 March 1, 2020 October 1, 2020 December 31, 2020 Average for 2020 $0.13 0.14 0.18 0.19 0.21 0.22 0.20 Lancer is preparing account balances to produce consolidated financial statements. a. Assuming that the kuna is the functional currency, what exchange rate would be used to report each of these accounts in U.S. dollar consolidated financial statements? b. Assuming that the U.S. dollar is the functional currency, what exchange rate would be used to report each of these accounts in U.S. dollar consolidated financial statements? (For all requirements, round your answers to 2 decimal places.) Exchange Rate a. Account Sales Inventory Equipment Rent expense Dividends Notes receivable Accumulated depreciation-equipment Salary payable Depreciation expense