Which of the following statment is incorrect?

a.

Under current rate method, income statement items such as revenues and expenses is translated at the average exchange rate during the reporting period

b.

Under current rate method, shareholders equity, which is mostly made up of common stock and dividends, is translated at the historical exchange rate

c.

Under current rate method, all balance sheet items are translated at the current exchange rate on the balance sheet date

d.

Under current rate method, re-measurement gain/loss is reported on the income statement