CALCULATOR PEINTER VERSION *BACK NEXT method and will continue this approach in the future. The appropriate information related to this to the percentage of completion method of accounting for long-term construction contracts during 2021. For tax purposes, the company employs the completed-contract Exercise 22-06 Crane Construction Company, which began operations in 2020, changed from the completed-contract change is as follows. Pretax Income from Percentage of Completed Completion Contract Difference 20.20 $875,000 $590,000 $285,000 2021 913,000 476,000 437,000 (a) Assuming that the tax rate is 20%, what is the amount of net income that would be reported in 2021? Net income (b) What entry is necessary to adjust the accounting records for the change in accounting principle? (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit II SHOW LIST OF ACCOUNTS LINK TO TEXT