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ABC Inc has a single wholly-owned American subsidiary called US based in Los Angeles, California, which was acquired January 1, 2020 US1 submitted its financial statements for 2020 to ABC. Selected exchange rates in effect throughout 2020 are shown below January 1, 2020 December 31, 2020: Average for 2020 Date of Purchase of Inventory on Hand Date Dividends were declared: US ST US STE US ST US $1 CON $0.815 CON SO 8175 CDN $0.825 CON $0.83 US $1 CDN $0.8125 US1 financial results for 2020 were as follows: US1 Financial Statements at December 31, 2020 (in U.S. dollars) income Statement: Sales Cost of Sales Depreciation Expense $5,000,000 $3,500,000 $150.000 US1 Financial Statements at December 31, 2020 (in US dollars) Income Statement: Sales Cost of Sales Depreciation Expense Bond Interest Expense Other Expense Net Income Statement of Retained Earnings: January 1, 2020 Net Income Dividends December 31, 2020: Balance Sheet $5,000,000 $3,500,000 $150,000 $100,000 $750,000 $500,000 $400,000 $500,000 ($100.000) $800,000 Cach ($100.000) $800,000 Dividends December 31, 2020 Balance Sheet Cash Accounts Receivable Inventory Plant and Equipment (net) $1,200,000 $1,900,000 $700,000 ($500,000 January 1, 2020) $400.000 $4,200,000 $400,000 $2,000,000 $1,000,000 $800,000 $4.200.000 Current Liabilities Bonds Payable Common Shares Retained Earnings Sales, purchases, bond interest, and other expenses occurred evenly throughout the year. US1 is considered to be a foreign subsidiary that has a different functional currency than ABC Inc.'s functional currency Which of the following rates would be used to translate the company's Assets and Liabilities? Multiple Choice US$1 =CDN$0.815 US$1=CDN$0.8175 US$1 = CDN$0.825 US$1 =CDN$0.83

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