Business, 11.12.2019 05:31 dalejacksoniip5yf4y

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 $ 475,000 $ 900,000 2017 625,000 950,000 2018 700,000 1,050,000 $1,800,000 $2,900,000 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:
a) $525,000 on the 2018 income statement.
b) $525,000 on the 2018 retained earnings statement.
c) $770,000 on the 2018 retained earnings statement.
d) $770,000 on the 2018 income statement.

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