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What amount of expense should be reflected

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Problem 1: In January 2021, Bonita Industries estimated that its year-end bonus to executives would be $1040000 for 2021. The actual amount paid for the year-end bonus for 2020 was $960000. The estimate for 2021 is subject to year-end adjustment. What amount, if any, of expense should be reflected in Bonita's quarterly income statement for the three months ended March 31, 2021?

Option 1: $260000.
Option 2: $1040000.
Option 3: $240000.
Option 4: $ -0-.

Reference no: EM132809681

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