Company C has 3 divisions: North America, Europe, and Australia. SG&A Expense in 2019 was $175 million. Assume that payroll expense accounted for 65% of Selling, General, and Administrative expenses (SG&A expense) in 2019, and was distributed 60% to North America, 30% to Europe, and 10% to Australia. Per review of Board Minutes in 2019, no bonuses were awarded in 2019. Last year's audit workpapers include a head count by division report at 12/31/19 and 12/31/18, which was audited and considered to be accurate. Other team members have already obtained and audited the head count report for 12/31/2020, concluding that it is accurate. Head count at the end of the year, by location, per this head count report is as follows: North America Europe Australia 2020 1,025 500 200 2019 1,040 520 190 2018 1,010 560 170 You obtained signed meeting minutes from the June 11, 2020 Board of Director's meeting. These meeting minutes show that the Board authorized a 5% raise for North America's employees, a 4% raise for all of Europe's employees, and a 3% raise for all of Australia's employees, effective July 1st, 2020. You also obtained signed meeting minutes from the November 18, 2020 Board of Director's meeting. These meeting minutes showed that the Board authorized a $3,000 cash bonus awarded to all active employees at 12/31/2020, as a reward for high profits in Fiscal Year 2020. Develop an expectation and range of acceptable values for payroll expense for each division in 2020. Your tolerable variance is plus or minus 4% from your expectation.