Homework 11 Short Term Uabilities Cooper Inc. pays its employees an annual bonus equal to 10% of the prior year's net income. Cooper estimates Net Income for 2020 will be $3,800,000. What Is Cooper's estimated bonus expense for 2020? Prepare the journal entry to record bonus expenses for the year. Cooper's actual net income for 2020 was $4,000,000 How much did Cooper actually pay in bonuses related to 2020 Net Income? Prepare the journal entry to record the payment of the bonus. Prepare the journal entry to true up the Bonus Payable account