Kai, a cash basis taxpayer, is a 75% owner and president of Finnigan Fish Market. Finnigan, an S corporation, uses the accrual method of accounting. On December 28, 2021, Finnigan accrues a bonus of $40,000 to Kai. The bonus is payable on February 1, 2022. When is the bonus deductible? How would your answer change if Finnigan is a cash basis taxpayer?