Question: When the functional currency is identified as the U.S. dollar, land purchased by a foreign subsidiary after the controlling interest was acquired by the parent

When the functional currency is identified as the U.S. dollar, land purchased by a foreign subsidiary after the controlling interest was acquired by the parent company should be translated using the: A)historical rate in effect when the land was purchased. B)current rate in effect at the balance sheet date. C)forward rate. D)average exchange rate for the current period

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