Sage Hill Inc., a private business following ASPE, has a contract with its president, Ms. Shen, to pay her a bonus during each of the years 2020, 2021, and 2022. Sage Hill has the practice of paying Ms. Shen her bonus in quarterly payments at the end of March, June, September, and December of the following fiscal year. Statutory deductions are applied through the payroll system when the quarterly bonus payments are made. Assume a corporate income tax rate of 32% during the three years. The profit before deductions for bonus and income tax was $250,000 in 2020, $308,000 in 2021, and $350,000 in 2022. The presidents bonus of 14% is deductible for corporate income tax purposes in each year. Calculate the amounts of the bonus and the corporate income tax for each of the three years.

In 2020, the bonus is to be based on profit before deductions for bonus and income tax.

Bonus		$
Income Tax		$

In 2021, the bonus is to be based on profit after deduction of bonus but before deduction of income tax. (Round answers to 0 decimal places, e.g. 5,275.)

Bonus		$
Income Tax		$

In 2022, the bonus is to be based on profit before deduction of bonus but after deduction of income tax. (Round answers to 0 decimal places, e.g. 5,275.)

Bonus		$
Income Tax		$