Using the below information fill in the answers to parts (a),
(b) and (c) for a change in accounting principle
Partial Income Statement using Completed-
contract-method for its long-term construction
contracts:
2015
2016
2017
Income before taxes
400,000
160,000
190,000
Income tax expense (40%)
160,000
64,000
76,000
Net Income
240,000
96,000
114,000
Partial Income Statement using
Cost-to-Cost-method for its long-term construction
contracts:
2015
2016
2017
Income before taxes
600,000
180,000
200,000
Income tax expense (40%)
240,000
72,000
80,000
Net Income...