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A company that has reported an income of sh 2,400,000 computed without subtracting either the bonus or corporation taxes. The bonus is to be based
A company that has reported an income of sh 2,400,000 computed without subtracting either the bonus or corporation taxes. The bonus is to be based on income after taxes but before deducting bonuses. The corporation tax rate is 30% and the bonus payable is 10%. Required; Calculate the bonus and tax payable Show the double entry in respect of bonus and income taxes payable.
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