Multiple Choice Question 46 During 2018, a construction company that began operations in 2016 changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. Gross profit figures under both methods for the past three years appear below: 2016 2017 2018 394000 535000 610000 $1539000 $801000 860000 960000 $2621000 Assuming an income tax rate of 30% for all years, the effect of this accounting change on prior periods should be reported by a CTdit of $512400 on the 2018 income statement $512400 on the 2018 retained earnings statement. $757000 on the 2018 retained earnings statement. $757000 on the 2018 income statement. Click if you would like to Show Work for this question: Open Show Work