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Cascade Alais Inc. (CA) has used the completed-contract method to account for long-term construction contracts since its inception in 2018. In 2020, CA decided to change to the percentage-of-completion method because it is the industry norm. CA previously used the completed-contract method for income tax purposes and will continue to do so. Its income tax rate is 20%.
The following lists CA 's income under each of the two income recognition methods: Year ended December 31 Income before taxes 2018 2019 2020
Completed-contract method (reported) $ 80,000 $ 120,000 $ 170,000 Percentage-of-completion method(calculated) $ 100,000 $ 150,000 $ 200,000
Required:
Problem 1: Make the journal entry to reflect the accounting change in 2020, the year of the change.
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