Question: Mayaguez Ltd. provides its offi cers with bonuses based on net income. For 2017, the bonuses total 350,000 and are paid on February 15, 2018.

Mayaguez Ltd. provides its offi cers with bonuses based on net income. For 2017, the bonuses total £350,000 and are paid on February 15, 2018. Prepare Mayaguez's December 31, 2017, adjusting entry and the February 15, 2018, entry.

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