Before $2023,$ Blossom accounted for its income from long$-$term construction contracts on the completed$-$contract basis

$]$

because it was unable to reliably measure the degree of completion or the estimated costs to complete. Early in $2023,$

Blossom changed to the percentage$-$of$-$completion basis for financial accounting purposes. The change was a result of

experience with the projects and improved ability to estimate the costs to completion and therefore the percentage

complete. The completed$-$contract method will continue to be used for tax purposes. Income for $2023$ has been recorded

using the percentage$-$of$-$completion method. The following information is available:

Prepare the necessary journal entries at December $31,2023,$ to record the above corrections and changes as appropriate. The books

are still open for $2023.$ Because Blossom has not yet recorded its $2023$ income tax expense and payable amounts, you may ignore tax

effects for the current year. Blossom's income tax rate is $25\%.$ Assume that Blossom applies the taxes payable method of accounting

for income taxes. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do

not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts.$)$