Exercis 3-7 (Calculation of Bonus) Banzon is the managing partner of Power Partnership. He is given an incentive of 5% bonus on profit The profit of the paretnership is P650,000 and income tax rate is 30%. Instructions: Determine the amount of bonus under each of the following assumptions: Bonus is computed based on the profit before deduction for bonus and income tax. Bonus is computed based on profit after deduction for bonus but before deduction for 1. 2. income tax. 3. Bonus is computed based on profit before deduction for bonus but after deduction for incometax. Bonus is computed based on profit after deduction for both bonus and income tax. 4