The sequence of folding a piece of paper and the manner in which the folded paper has been cut is shown in the following figures. How would this paper look when unfolded?

When the paper is unfolded, the pattern of cutting will be similar in four parts of the figure.

When the paper is unfolded first to the top, two squares towards top, one circle at the centre and one square towards bottom left will appear on the top part similarly.

When the paper is unfolded again to the left, same pattern of cutting will appear on the left as shown below

Hence, the correct answer is Option C