Question: i need help with explanation for this question. thanks !!! 1) Pam Corp. changed from the point of time to the period of time method

i need help with explanation for this question. thanks !!!

1) Pam Corp. changed from the point of time to the period of time method of accounting for long-term construction contracts during 2024. Using the period of time method, Pam had construction expense of $700,000 in 2023 and $780,000 in 2024. Using the point of time method, Pam had construction expense of $480,000 in 2023 and $590,000 in 2024. What is the amount of construction expense that would be reported in 2024? What journal entry(ies) is (are) necessary to adjust the accounting records for the change in accounting principle? a) b)

Pam Corp. changed from the point of time to the period of time method of accounting for long-term construction contracts during 2024. Using the period of time method, Pam had construction expense of $700,000 in 2023 and $780,000 in 2024. Using the point of time method, Pam had construction expense of $480,000 in 2023 and $590,000 in 2024. a) What is the amount of construction expense that would be reported in 2024 ? b) What journal entry(ies) is(are) necessary to adjust the accounting records for the change in accounting principle

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