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What amount should be recognized as bonus expense

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Problem 1: The terms and conditions of employment with Amore include the grant of share in the staff bonus system, under which 5% of the profit for the year before charging the bonus is allocated to the bonus pool, provided the annual profit exceeds $50,000,000. The profit before accrual of any bonus for the first half of the current year amounts to $40,000,000 and the latest estimate of the profit before accrual of any bonus for the year as a whole is $60,000,000. What amount should be recognized as bonus expense for the first half of the current year?

Reference no: EM132851923

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