Professional and Ethical Behaviour}

Jim was excited to receive his bonus for the current year. He knew that the company didn't have the best year and the company was watching how much money was spent on expense-related items. Jim knew that if net income was below the estimated net income, employees wouldn't receive their bonus. The CEO recently communicated this to all staff members.

Jim was responsible for recording all journal entries relating to property, plant, and equipment, including all depreciation. He had the great idea to use the depreciation method that would result in the lowest depreciation taken for the year, which would make the bottom line look better and hence result in the company employees receiving their bonuses. He knew everyone would think he was a hero for making sure the staff received their bonuses.

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Identify and discuss any potential issues with Jim's actions.