The incomplete income statement of Martinez Corp. follows.

Sales revenue					$	10,267,000
Cost of goods sold						7,097,000
Gross profit						3,170,000
Administrative and selling expenses		$	948,000
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. Martinez follows ASPE, the income tax rate is 40%, and the bonus is tax-deductible.

Complete the condensed income statement of Martinez 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. (Round answers to 0 decimal places, e.g. 5,275.)

Martinez Corp. Income Statement For the Year Ended December 31, 2020
Sales revenue					$	10,267,000
Cost of goods sold						7,097,000
Gross profit						3,170,000
Administrative and selling expenses		$	948,000
Profit-sharing bonus to employees
Income before income taxes
Income taxes
Net income					$

Prepare the journal entry to record the bonus at December 31, 2020. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2020

Would the calculation of the bonus have changed if Martinez were following IFRS? Yes/No