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The effect of this accounting change on prior periods should

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During 2018, a construction company that began operations in 2016 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

2016

2017     $ 394000 $ 801000

2018       535000 860000

             610000 960000

            $1539000 $2621000

Assuming an income tax rate of 30% for all years, the effect of this accounting change on prior periods should be reported by a credit of?

Reference no: EM132317162

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