Liоn Cо. wаs fоrmed on Jаnuаry 1, 2023, as a wholly owned foreign subsidiary of a U.S. corporation. Lion's functional currency was the stickle (§). The following transactions and events occurred during 2023: Jan. 1 Lion issued common stock for §1,000,000. June 30 Lion paid dividends of §20,000. Dec. 31 Lion reported net income of §80,000 for the year. Exchange rates for 2023 were: Jan.1 § 1 = $ 0.48 June 30 § 1 = $ 0.46 Dec.31 § 1 = $ 0.42 Average rate for the year § 1 = $ 0.44 What exchange rate should have been used in translating Lion's revenues and expenses for 2023?