Foreign currency nonmonetary assets and liabilities for non-free-standing subsidiaries are translated using the

A) historic rate of exchange in effect when the asset or liability was acquired or incurred.
B) current rate of exchange on the balance sheet date.
C) temporal rate of exchange on the balance sheet date.
D) present value rate of exchange when the translation takes place.

Foreign Currency Nonmonetary Assets

Assets that are not in cash and are not expected to be converted into cash in the near future, valued in a currency other than the entity's functional currency.

Historic Rate

The exchange rate at which a transaction was executed in the past, used for recording foreign currency transactions in financial statements.

Non-Free-Standing Subsidiaries

Entities that are significantly controlled or wholly owned by another firm but lack the independent structure or operations typically associated with subsidiary companies.