B D 1 In January 2024, Chi, Inc. estimated that its year-end bonus to executives would be $960,000 for 2024. The actual amount paid 2 for the year-end bonus for 2024 was $880,000. The estimate for 2024 is subject to year-end adjustment. What amount, if any, 3 of expense should be reflected in Chi's quarterly income statement for the three months ended March 31, 2024? 4 a. 5 b. 6 C. $ -0- $220,000 $240,000 $960,000 7 d. 8 9 10 Portion of Bonus Exp=(Bonus estimate for 2024/12 months)* Number of months in interim period 11 12 13 14 15 $ 220,000 (880,000/12)*3

B D 1 In January 2024, Chi, Inc. estimated that its year-end bonus to executives would be $960,000 for 2024. The actual amount paid 2 for the year-end bonus for 2024 was $880,000. The estimate for 2024 is subject to year-end adjustment. What amount, if any, 3 of expense should be reflected in Chi's quarterly income statement for the three months ended March 31, 2024? 4 a. 5 b. 6 C. $ -0- $220,000 $240,000 $960,000 7 d. 8 9 10 Portion of Bonus Exp=(Bonus estimate for 2024/12 months)* Number of months in interim period 11 12 13 14 15 $ 220,000 (880,000/12)*3

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 1SEB

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