Question: Booth Inc. is a foreign subsidiary of Tweets Corporation, a Canadian company that reports in Canadian dollars. Booth is located in London, England. It has been determined that Booth's functional currency is the British pound (£). At what exchange rate should the depreciation expense be translated? Question options: At the current closing rate At the average rate for the year At the historical rate when the assets were purchased At the historical rate when Tweets purchased its controlling ownership of Booth