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Zechariah Company provides an incentive compensation plan under which its president received a bonus equal to 10% of the corporation's income before income tax


Zechariah Company provides an incentive compensation plan under which its president received a bonus equal to 10% of the corporation's income before income tax but after deduction of the bonus. If the tax rate is 30% and net income after bonus and income tax was P4,680,000, what was the amount of the bonus? Round your final answer only to the nearest peso

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