- 77 - Total Compensation Portion Attributable To: Year Accrued SLPC TBPC TPTC 1987 $75,000 $15,000 $30,000 $30,000 1988 75,000 15,000 30,000 30,000 1989 75,000 15,000 30,000 30,000 1990 60,000 –- 30,000 30,000 Total 285,000 45,000 120,000 120,000 As of December 31, 1991, PK Ventures’ books indicated that, during 1991, PK Ventures had accrued $90,000 of “Salary” and an additional $37,469 of “Compensation & Benefits” with respect to Rose, that TBPC had accrued $30,000 of “Compensation & Benefits” with respect to Rose, and that TPTC had accrued $30,000 of “Mgt Salaries” with respect to Rose. During March 1992, Rose made journal entries to PK Ventures’ general ledger to reflect “deferred compensation” payable to him for 1986 through 1991 in the following amounts: Year Amount 1986 $500,000 1987 600,000 1988 720,000 1989 840,000 1990 900,000 1991 900,000 According to this “Deferred Compensation” account, PK Ventures owed Rose $4,460,000 as of March 30, 1992. Prior to Rose’s making these journal entries, there had never been a written agreement between Rose and PK Ventures as to deferred compensation, and Rose had never discussed deferred compensationPage: Previous 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 Next
Last modified: May 25, 2011