Nagle Corporation has a 12/31/12 tax year end
June 7th, 2024
Nagle Corporation has a 12/31/12 tax year end. The corporation makes the following payments: Legal fees of $850,000 related to a discrimination suit settled on 1/15/13; Charitable contributions to the Red cross of $125,000 paid on 3/20/13; Salary payments for the monthly period ended 2/28/13 of $575,000; Bonuses paid on 1/31/13 to the CEO, CIO and CFO on $250,000; and tuition payments for employees returning to college paid 2/15/13 of $108,000. What reporting issues would exist with the timing of the recognition of these payments? please address each of the payments.