A not-for-profit organization has an endowment fund that, at the start of the year, has a value of $1 million—the amount initially contributed to establish the fund. Owing to investment losses, the year-end balance decreased to $950,000. In a previous year, the organization had added $30,000 of endowment fund investment gains to temporarily restricted assets. Of this amount, $20,000 has already been spent. How should the $50,000 of investment losses be accounted for? Include in your answer the reported value of the endowment fund; and the category of assets where the losses should be recognized. assume January 1st 2017 for the date of initial contribution.