On December $31,$ Alvarez Company estimates that it will pay its employees a $3\%$ bonus on $$36,000$ of net income after deducting the bonus. The bonus will be paid on January $15$ of the next year.

Requirements.

Journalize the December $31$ transaction for Alvarez.

Journalize the payment of the bonus on January $15.$

$($Record debits first, then credits. Round all amounts to the nearest cent. Select the explanation on the last line of the joumal entry table.$)$

Requirement $1.$ Journalize the December $31$ transaction for Alvarez.

$\backslash$table$[[$Date$,$Accounts and Explanation,$],[$Dec$.31,,],[,,],[,,],[,7,],[,,]]$