Assets and Liabilities of a Foreign Subsidiary Are Translated into Dollars

Assets and liabilities of a foreign subsidiary are translated into dollars on a consolidated balance sheet at the:

A) older, historical exchange rates on the date of the purchase of the subsidiary's stock.
B) anticipated exchange rate in effect over the next 5 years.
C) exchange rate in effect on the date of the financial statements.
D) average exchange rate in effect over the past 5 years.