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The incomplete income statement of Swifty Corp. follows. The employee profit-sharing plan requires that 10% of all profits remaining after the deduction of the bonus
The incomplete income statement of Swifty Corp. follows. The employee profit-sharing plan requires that 10% 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. Swifty follows ASPE, the income tax rate is 50%, and the bonus is tax-deductible. (a) Complete the condensed income statement of Swifty for the year ended December 31, 2023. 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.)
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