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In March of the current year, Monga Company estimated its year-end executive bonuses to be $1,060,000. The executive bonus paid in the previous year was

In March of the current year, Monga Company estimated its year-end executive bonuses to be $1,060,000. The executive bonus paid in the previous year was $980,000. Required: Determine the amount of bonus expense Monga should recognize in determining net income for the first quarter of the current year.

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