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The incomplete income statement of Martinez Corp. follows. The employee profit-sharing plan requires that...

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Accounting

The incomplete income statement of Martinez Corp. follows.
The employee profit-sharing plan requires that 10% of all profits remaining after the deduction of the bonus and income tax be
distributed to the employees by the first day of the fourth month following each year end. Martinez follows ASPE, the income tax rate
is 45%, and the bonus is tax-deductible.
(a)
Complete the condensed income statement of Martinez for the year ended December 31,2023. You will need to develop two
simultaneous equations to solve for the bonus amount: one for the bonus and one for the tax. (Round answers to 0 decimal places,
e.g.5,275.)
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