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An important distinction between the temporal method and the current rate method is that: A. monetary assets and liabilities are remeasured (temporal method) at historical rates but translated (current rate method) at current rates. B. depreciation and cost of goods sold (COGS) are a function of the current rate under translation (current rate method), but a function of the average rate under remeasurement (temporal method). C. the current rate method results in an adjustment to the equity account on the balance sheet. The temporal method results in a gain or loss appearing on the income statement. |