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 K 320,000 Inventory (bought on 3/1/20) 176,000 Equipment (bought on 1/1/19) 84,000 Rent expense 20,000 Dividends (declared on 10/1/20) 28,000 Notes receivable (to be collected in 2023) 48,000 Accumulated depreciationequipment 25,200 Salary payable 7,400 Depreciation expense 8,400 The following U.S.$ per kuna exchange rates are applicable: January 1, 2019 $0.31 Average for 2019 0.32 January 1, 2020 0.36 March 1, 2020 0.37 October 1, 2020 0.39 December 31, 2020 0.40 Average for 2020 0.38 Lancer is preparing account balances to produce consolidated financial statements. 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? 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?