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Jones operates an upscale restaurant and he pays experienced cooks $38,500 per year. This year,...

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Accounting

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Jones operates an upscale restaurant and he pays experienced cooks $38,500 per year. This year, he hired his son as an apprentice cook. Jones agreed to pay his son $42,800 per year. Which of the following is a true statement about this transaction? Multiple Choice None of the choices are true Jones is not entitled to any business deduction in the son is an experienced cook. Jones will be allowed to deduct $42.000 only isson eventually develops into an expert cook Jones will be allowed to deduct $38,500 as compensation and another $4,300 can be deducted at an employee gift Jones will be allowed to accrue 542.800 only if he pays his son in cash

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