Business, 03.04.2020 20:14 sighgabbie

During 2015, a construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. Gross profit figures under both methods for the past three years appear below:

Completed-Contract Percentage-of-Completion
2013 $ 475,000 $ 900,000
2014 625,000 950,000
2015 700,000 1,050,000
$1,800,000 $2,900,000

Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of

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During 2015, a construction company changed from the completed-contract method to the percentage-of-...