Serat Construction Company elected to change its method of accounting from the percentage-of completion method to the

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Serat Construction Company elected to change its method of accounting from the percentage-of completion method to the completed-contract method. Prior years’ income (cumulative) would have been $ 300,000 lower if Serat had always used the completed contract method. The company is subject to a 35% tax rate. Prepare the journal entry to record the change in method.
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Intermediate Accounting

ISBN: 978-0132162302

1st edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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