the year. REQUIREMENTS: (maximum page limit is 7 double-spaced type-written pages): (1) Prior to the accounting for the bonus payment, prepare a balance sheet and income statement for the first calendar year of business for Bank B in accordance with GAAP. Assume a 25% income tax rate. (2) To how much additional compensation is the president of Bank B entitled under a contract which provides for a bonus of "ten percent of annual net profits, computed before deduction of the bonus and taxes? Show your calculation, including identifying the line item in the financial statements from which each number was taken, if