Wright, Inc. has an incentive compensation plan under which the sales manager receives a bonus equal to 10 percent of the company’s income after…

22.Wright, Inc. has an incentive compensation plan under which the sales manager receives a bonus equal to 10 percent of the company’s income after deductions for bonus and income taxes. Income before bonus and income taxes is $400,000. The effective income tax rate is 30 percent. How much is the bonus (rounded to the nearest dollar)?