Gale Company was formed on January 1, 2024 as a wholly owned…

Gаle Cоmpаny wаs fоrmed оn January 1, 2024 as a wholly owned foreign subsidiary of a U.S. corporation. Gale’s functional currency was the stickle (). The following transactions and events occurred during 2024: January 1 Gale issued common stock for §2,000,000. June 30 Gale paid dividends of §50,000. December 31 Gale reported net income of §120,000 for the year. Exchange rates for 2024 were: January 1 $ 1 = § 0.50 June 30 $ 1 = § 0.47 December 31 $ 1 = § 0.44 Weighted average rate for the year $ 1 = § 0.46 What exchange rate should have been used in translating Gale’s revenues and expenses for 2024? $1 = 0.50 $1 = 0.46 $1 = 0.47 $1 = 0.44 $1 = 0.48