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solve and show your solution Problen 1-29 (AICPA Adapted) Christian Company has a bonus agreement which provides that the general manager shall receive an annual

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Problen 1-29 (AICPA Adapted) Christian Company has a bonus agreement which provides that the general manager shall receive an annual bonus of 10% of the net income after bonus and tax. The income tax rate is 30%. The general manager received P280,000 for the current year as bonus. What is the income before bonus and tax? a. 4,280,000 b. 4,000,000 c. 2,800,000 d. 3,720,000 Problem 1-30 (AICPA Adapted) After three profitable years, Gretchen Company decided to offer a bonus to the branch manager of 25% of income over P1,000,000 earned by the branch during the current year. The income for the branch was P1,600,000 before tax and before bonus for the current year. The bonus is computed on income in excess of P1,000,000 after deducting the bonus but before deducting tax. What is the bonus for the current year? a. 120,000 b. 150,000 c. 250,000 d. 320,000 Problem 1-31 (AICPA Adapted) Jackson Company has an incentive compensation plan under which the president is to receive a bonus equal to 10% of incorre in excess of P1,000,000 before deducting income tax but after deducting the bonus. The income before income tax and the bonus is P3,200,000. What is the amount of the bonus? a. 220,000 b. 200,000 c. 320,000 d. 440,000

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