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Cullumber Inc., a real estate developing company, was accounting for its long-term contracts using the completed contract method prior to 2021. In 2021, it changed to the percentage-of-completion method.
The company decided to use the same for income tax purposes. The tax rate enacted is 40%. Income before taxes under both the methods for the past three years appears below.
2019 2020 2021Completed contract $510000 $336000 $162000Percentage-of-completion 810000 423000 330000
Problem 1: What amount will be debited to Construction in Process account, to record the change at beginning of 2021?
Option 1: $162000
Option 2: $213000
Option 3: $87000
Option 4: $387000
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