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Question - An existing agreement between an entity and its president states that the president is to receive a bonus consisting of a basic amount equivalent to 4% of the company's net income before deduction of bonus but after deduction of corporate income tax.
In addition, the basic bonus will be increased by the entity's tax savings because the bonus is considered deductible for tax purposes. The tax savings is computed as the difference between the tax expense the entity would have paid if there were no bonus and the tax expense the entity must pay. The entity registered a net income of P1,000,000 in 2020, before deduction of bonus and corporate income tax.
The entity is subject to a corporate income tax rate of 15% on its income after deducting the bonus.
Determine the total amount of liability for the bonus compensation that must be recognized at the end of 2020.
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