Dana Co.'s officers’ compensation expense account had a balance of $224,000 at December 31, Year 1, before any appropriate year-end adjustment relating to the following + No salary accrual was made for December 30-31, Year 1. Salaries for the two-day period totaled $3,500. « Year 1 officers’ bonuses of $62,500 were paid on January 31, Year 2. In its Year 1 income statement, what amount should Dana report as officers’ compensation expense?
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