Student Name Jenny Wilson A foreign subsidiary was acquired on January 1, 2011. Determine the exchange rate used to restate the following accounts at December 31, 2011. Land was purchased on October 1, 2011. Relevant exchange dates follow: January 1, 2011 October 1, 2011 December 31, 2011 Average, 2011 Composite, using multiple dates. Identify the exchange rate used to translate items 1-5 when the functional currency is the foreign currency: Land. Equipment. Bonds payable. Common stock. Retained earnings. Identify the exchange rate used to re measure the items 6-10 when the functional currency is the U.S. dollar: Land. Equipment. B