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Paramount Inc. decided to reward its employees with a bonus of 7% on annual net income, after deducting the bonus. The company reported net income of $513,600 before the calculation of the bonus. Provide the journal entry to accrue employee bonus expense.
Preceptor
A preceptor is an experienced practitioner or faculty member who supervises and guides students or less experienced workers in a practical, hands-on learning environment.
Instructor
An individual who provides education or training, often within an academic or skills-based setting.
Training Site
A designated place where individuals receive instruction and practice in a particular skill or profession under supervision.
Employee
An individual who is hired by an employer to perform designated tasks in exchange for compensation.
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