Foreign Sub, for which the functional currency is the local currency, recognizes a receivable on $11/12/20$X$1.$ On December $31,20$X$1,$ Foreign Sub's parent company determines that the exchange rate has changed since the receivable was recognized. In its consolidated financial statements, the parent company should report Foreign Sub's receivable using the exchange rate:

Multiple Choice

in effect on $12/31/20$X$1.$

that results in the highest reported receivable.

that results in the lowest reported receivable.

in effect on $11/12/20$X$1.$