US Standard has a subsidiary, German Standard, operating in Germany. The CFO of German Standard has prepared the following financial statements (in EUR): Selected Financial Data of German Standard as at 31 December 2019 Balance Sheet (EUR, thousand) Assets Cash Account receivables Inventory (measured at cost under the lower of cost or market value) Net plant and equipment (purchased on 1st June, 2019) 2,000 2,400 1,800 5,120 11,320 Liabilities and Net Worth Account payables Short-term debt Long-term debt Common stock Retained earnings 900 1,000 2,000 2,600 4,820 11,320 Exchange rates applicable to German Standard Date USD/EUR 1 Jan 2019 1.21 Average, 2019 1.19 Weighted average rate when inventory was acquired 1.2 1 Jun 2019 1.21 1 November 2019 when dividend was declared 1.18 31 December 2019 1.17 (a) Discuss a difference between the current rate method and the temporal method in translation. (2 marks) (b) Translate total assets by using the current rate method and the temporal method. Do they provide the same value? (8 marks)