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What was the amount of the bonus

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Reference no: EM131105166

Able Co. provides an incentive compensation plan under which its president receives a bonus equal to 10% of the corporation's income before income tax but after deduction of the bonus.

If the tax rate is 40% and net income after bonus and income tax was $360,000, what was the amount of the bonus?

Reference no: EM131105166

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