Selection of appropriate exchange rate for translation Gordon Ltd., a 100% owned British subsidiary of a U.S. parent company, reports its financial statements in local currency, the British pound. A local newspaper published the following U.S. exchange rates to the British pound at year end: Current Rate $1.70 Historical rate acquisition 1.50 Average rate 1.60 Inventory CHIO) 1.55 Which currency rate should Gordon use to convert its income statement to U.S. dollars at year end? Select one: $1.55 $1.60 $1.70 0 0 $1.50