Golf Company acquired 80% of the outstanding stock of Ping Company, a foreign company, in an acquisition accounted for as a purchase transaction. In preparing consolidated statements, the paid-in...

Golf Company acquired 80% of the outstanding stock of Ping Company, a foreign company, in an acquisition accounted for as a purchase transaction. In preparing consolidated statements, the paid-in capital of Ping Company should be translated into dollars at the

(a) Current exchange rate in effect at the balance sheet date.

(b) Exchange rate in effect at the date the capital transactions of the subsidiary took place.

(c) Exchange rate in effect at the date Golf Company purchased the Ping Company stock.

(d) Exchange rate effective when Ping Company was organized.