The balance in Newsprint Corp.'s foreign exchange loss account was $10,000 on December 31, 20X8, before any necessary year-end adjustment relating to the following:
(1) Newsprint had a $15,000 debit resulting from the restatement in dollars of the accounts of its wholly owned foreign subsidiary for the year ended December 31, 20X8.
(2) Newsprint had an account payable to an unrelated foreign supplier, payable in the supplier's foreign currency unit on January 15, 20X9. The U.S. dollarâequivalent of the payable was $50,000 on the December 1, 20X8, invoice date and $53,000 on December 31, 20X8.