Which of the following statements relating to foreign currency translation and remeasurement is correct?

1. If a foreign entity's recording currency is not it's functional currency, but the functional currency is the reporting currency, translation using the current rate method is not required.

2. if a foreign entity's recording currency is not it's functional currency, remeasurement into the functional currency using the temporal method is required

3. If a foreign entity operates in a highly inflationary economcy, the reporting currency of the U.S. parent-the U.S. dollar, should be used.

4. all of the above