Patents are on the books of a British subsidiary of a U.S. firm at a value of 50,000 pounds. The patents were acquired in 20X3 when the exchange rate was 1 pound = $1.56. The British subsidiary was acquired by the U.S. firm in 20X0 when the exchange rate was 1 pound - $1.40. The exchange rate on December 31, 20X4, the date of the most current balance sheet, is 1 pound - $1.54. The average rate of exchange for 20X4 is $1.53. What exchange rate will be used to translate patents for the consolidated statements dated December 31, 20X4? O $1.54 $1.56 $1.40 $1.53