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Question
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?
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