Business, 01.12.2021 01:50 Benitez0212
Ivanhoe Construction Company changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction contracts during 2021. For tax purposes, the company employs the completed-contract method and will continue this approach in the future. (Hint: Adjust all tax consequences through the Deferred Tax Liability account.) The appropriate information related to this change is as follows. Pretax Income from: Percentage-of-Completion Completed-Contract Difference 2020 $849,000 $576,000 $273,000 2021 764,000 522,000 242,000 (a) Assuming that the tax rate is 35%, what is the amount of net income that would be reported in 2021
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