On December 31, Smith Company estimates that it will pay its employees a 7% bonus on net income after deducting the bonus. The company reports net income of $58,000 before the calculation of the bonus. The bonus will be paid on January 15 of the next year. Read the requirements. (Record debits first, then credits. Round all amounts to the nearest cent. Select the explanation on the last line of the journal entry table.) Requirement 1. Journalize the December 31 transaction for Smith. Date Dec. 31 Accounts and Explanation Debit Credit Requirements 1. Journalize the December 31 transaction for Smith. 2. Journalize the payment of the bonus on January 15. Print Done