Klaude company has a profit sharing bonus plan which requires the entity to pay 12% of the income for the year to employees who serve throughout the current year and who will continue to serve throughout the following year. The entity reported income of P80,000,000 for 2020. The entity expects to save 5% of the maximum possible bonus payment through staff turnover. The bonus will be paid on Dec. 31, 2021. Bonus expense in 2020