Ascend, a publicly held corporation, currently pays its president an annual salary of $900,000. As a means of increasing company profitability, the board of directors increased the president’s compensation effective January 1, 2017, with a performance-based compensation program. This program increased the president’s compensation by $600,000 in 2017, $650,000 in 2018, $750,000 in 2019, $800,000 in 2020 and 2021. Her compensation under this performance-based compensation program is expected to be $850,000 in 2022. Prepare a letter to Ascend’s board of directors that identifies the amount of compensation that will be deductible by Ascend in 2022 and explains whether any changes should be made to the president’s compensation plan in 2022. Address the letter to the board chairperson, Angela Riddle, whose address is 150 Erieview Tower, Cleveland, OH 44106.