Hampton's Construction, Inc. decided to change from the completed - contract method of accounting to the percentage-of-completion method. The following information is available for net income. Ignore income tax effects: Year Ended December 31, 2022 December 31, 2023 December 31, 2024 Net Income Percentage of Completion Completed Contract $145,000 $140,000 190,000 201,000 143,000 180,000 What is the journal entry to record the change in accounting principle on January 1, 2024? A. No entry needed. OB. Construction in Progress Retained Earnings 52,000 52,000 OC. Retained Earnings 73,000 Construction in Progress 73,000 OD. Construction in Progress Deferred Tax Liability 52,000 52,000