DJ Inc. has a bonus plan covering all employees. The total bonus is equal to 10% of DJ’s preliminary (pre-bonus, pretax) income reduced by the income tax (computed on the preliminary income less the...

DJ Inc. has a bonus plan covering all employees. The total bonus is equal to 10% of DJ’s preliminary (pre-bonus, pretax) income reduced by the income tax (computed on the preliminary income less the bonus itself). DJ’s preliminary income for 2011 is P1,000,000 and the income tax rate is 32%.

How much is the bonus for 2011?