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What amount should recognized in profit in respect of staff

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Problem 1: The terms and conditions of employment with Emmy Co. include entitlement to share in the staff bonus system under which 5% of the profit for the yr end before changing 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 2013 amounted 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 in profit or loss in respect of the staff bonus for the half year ended 6/30/2013?

Reference no: EM132744510

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