Gin translating the financial statements of a foreign subsidiary into the parent’s reporting currency under the current rate method, which of the following statements is true? multiple choice expenses are translated using a combination of current and historical exchange rates. intangible assets are translated at the historical exchange rates in effect on the date the assets are purchased. the translation adjustment is a function of the foreign subsidiary’s net assets. the translation adjustment is a function of the relative amount of monetary assets and monetary liabilities held by the foreign subsidiary.