(L01) Mayaguez Corporation provides its officers with bonuses based on net income. For 2017, the bonuses total...

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(L01) Mayaguez Corporation provides its officers with bonuses based on net income. For 2017, the bonuses total

$350,000 and are paid on February 15, 2018. Prepare Mayaguez’s December 31, 2017, adjusting entry and the February 15, 2018, entry.

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