Gargoyle Corporation provides its officers with bonuses based on income. For 2008, the bonuses total $450,000 and

Question:

Gargoyle provides its officers with bonuses based on income. For 2008, the bonuses total $450,000 and are paid on February 15, 2009. Prepare Gargoyle’s December 31, 2008, adjusting entry and the February 15, 2009, entry.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...