The incomplete income statement of Concord Corp. follows.

Sales revenue					$	10,824,000
Cost of goods sold						7,444,000
Gross profit						3,380,000
Administrative and selling expenses		$	900,000
Profit-sharing bonus to employees			?			?
Income before income taxes						?
Income taxes						?
Net income					$	?

The employee profit-sharing plan requires that 20% of all profits remaining after the deduction of the bonus and income tax be distributed to the employees by the first day of the fourth month following each year end. Concord follows ASPE, the income tax rate is 40%, and the bonus is tax-deductible. 1- Complete the condensed income statement of Concord Corp. for the year ended December 31, 2020. You will need to develop two simultaneous equations to solve for the bonus amount: one for the bonus and one for the tax. 2-Prepare the journal entry to record the bonus at December 31, 2020