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How Ivanhoe journal entry to record the change

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Problem - At the beginning of 2017, Ivanhoe Construction Company changed from the completed-contract method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. The company will continue to use the completed-contract method for tax purposes. For years prior to 2017, pretax income under the two methods was as follows: percentage-of-completion $117,300, and completed-contract $77,700. The tax rate is 35%.

Required - How Ivanhoe's 2017 journal entry to record the change in accounting principle?

Reference no: EM132448614

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