Sometimes compensation packages include bonuses designed to provide performance incentives to employees. The difficulty a bonus can cause accountants is not an accounting problem, but a math problem. The complication is that the bonus formula sometimes specifies that the calculation of the bonus is based in part on the bonus itself. This occurs anytime the bonus is a percentage of income because expenses are components of income, and the bonus is an expense. Regalia Fashions has an incentive compensation plan through which a division manager receives a bonus equal to 12% of the division's net income. Division income in 2021 before the bonus and income tax was $240,000. The tax rate is 30%. Required: 2. Calculate the amount of the bonus. 3. Prepare the adjusting entry to record the bonus compensation. 4. Bonus arrangements take many forms. Suppose the bonus specifies that the bonus is 12% of the division's income before tax, but after the bonus itself. Calculate the amount of the bonus. Complete this question by entering your answers in the tabs below. Calculate the amount of the bonus. (Do not round intermediate calculations and round your answers to the nearest whole dollar amount.) Complete this question by entering your answers in the tabs below. Prepare the adjusting entry to record the bonus compensation. (Do not round intermediate calculations. If no entry is req transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole o Journal entry worksheet ometimes compensation packages include bonuses designed to provide performance incentives to employees. The diff onus can cause accountants is not an accounting problem, but a math problem. The complication is that the bonus formu ometimes specifies that the calculation of the bonus is based in part on the bonus itself. This occurs anytime the bonus is ercentage of income because expenses are components of income, and the bonus is an expense. egalia Fashions has an incentive compensation plan through which a division manager receives a bonus equal to 12% of livision's net income. Division income in 2021 before the bonus and income tax was $240,000. The tax rate is 30%. Required: 2. Calculate the amount of the bonus. 3. Prepare the adjusting entry to record the bonus compensation. 4. Bonus arrangements take many forms. Suppose the bonus specifies that the bonus is 12% of the division's income before after the bonus itself. Calculate the amount of the bonus. Complete this question by entering your answers in the tabs below. Bonus arrangements take many forms. Suppose the bonus specifies that the bonus is 12% of the division's income before tax, but after the bonus itself. Calculate the amount of the bonus. (Round your answer to the nearest whole dollar amount.)