Assume that a parent company sets up a subsidiary to produce printed circuit boards in a foreign country that has lower tax and labor rates. The subsidiary purchases components from the parent, produces the PCBs, and then sells them back to the parent. The subsidiary keeps its books in the local (foreign currency, but all purchase and sales prices are pegged to the US dollar. At what rate would the depreciation expense recorded in the subsidiary's books be translated to US dollars? a. The current rate b. The average rate for the year c. The historical rate that was in effect when the related asset was purchased d. The beginning of the year rate