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On November 30, year 1, Tyrola Publishing Company, located in Colorado, executed a contract with Ernest Blyton, an author from Canada, providing for payment of 10% royalties on Canadian sales of Blytons book. Payment is to be made in Canadian dollars each January 10 for the previous years sales. Canadian sales of the book for the year ended December 31, year 2, totaled $50,000 Canadian. Tyrola paid Blyton his year 2 royalties on January 10, year 3. Tyrolas year 2 financial statements were issued on February 1, year 3. Spot rates for Canadian dollars were as follows:
November 30, year 1 $.87
January 1, year 2 $.88
December 31, year 2 $.89
January 10, year 3 $.90
How much should Tyrola accrue for royalties payable at December 31, year 2?