Please show your solution in good accounting form V Co. has an agreement to pay its sales manager a bonus of 7.5% of the company's earnings due to an exemplary performance. The income for the year before bonus and tax is ₱6,890,500. The income tax rate is 32% of income after bonus. The bonus is computed after deduction for both bonus and tax. Compute for the amount of bonus for the year.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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Please show your solution in good accounting form

V Co. has an agreement to pay its sales manager a bonus of 7.5% of the company's earnings due to an exemplary performance. The income for the year before bonus and tax is ₱6,890,500. The income tax rate is 32% of income after bonus. The bonus is computed after deduction for both bonus and tax. Compute for the amount of bonus for the year.

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