ABC Inc. has a single wholly-owned American subsidiary called US1 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: US $1 = CDN $0.815 December 31, 2020: US $1 = CDN $0.8175 Average for 2020: US $1 = CDN $0.825 Date of Purchase of Inventory on Hand: US $1 = CDN $0.83 Date Dividends were declared: 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 $5,000,000 Cost of Sales $3,500,000 Depreciation Expense $150,000 Bond Interest Expense $100,000 Other Expense $750,000 Net Income $500,000 Statement of Retained Earnings: January 1, 2020: $400,000 Net Income $500,000 Dividends ($100,000) December 31, 2020: $800,000 Balance Sheet Cash $1,200,000 Accounts Receivable $1,900,000 Inventory $700,000 ($500,000 January 1, 2020) Plant and Equipment (net) $400,000 $4,200,000 Current Liabilities $400,000 Bonds Payable $2,000,000 Common Shares $1,000,000 Retained Earnings $800,000 $4,200,000 Sales, purchases, bond interest, and other expenses occurred evenly throughout the year. US1 is considered to be a foreign subsidiary that has the same functional currency as ABC Inc.'s functional currency. Which of the following rates would be used to translate the company's current liabilities?

Select one:

A. US$1 = CDN$0.8175

B. US$1 = CDN$0.83

C. US$1 = CDN$0.815

D. US$1 = CDN$0.825