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	300,000
Inventory (bought on 3/1/20)		165,000
Equipment (bought on 1/1/19)		80,000
Rent expense		20,000
Dividends (declared on 10/1/20)		28,000
Notes receivable (to be collected in 2023)		46,000
Accumulated depreciationequipment		24,000
Salary payable		7,000
Depreciation expense		8,000

The following U.S.$ per kuna exchange rates are applicable:

January 1, 2019	$0.29
Average for 2019	0.30
January 1, 2020	0.34
March 1, 2020	0.35
October 1, 2020	0.37
December 31, 2020	0.38
Average for 2020	0.36

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?