Which of the following statement is INCORRECT regarding translation of retained earnings?

		To obtain the amount of translated retained earnings at the end of year, one applies historical exchange rate on declaration date on the dividends in foreign currency
		To obtain the amount of translated retained earnings at the end of year, one would use net income from the translated income statement
		Ending retained earnings from current year will become the beginning retained earnings for next year
		To obtain the amount of translated retained earnings, one uses the retained earnings in foreign currency and applies the current exchange rate