Current Attempt in Progress Bramble Construction Company changed from the cost-recovery to the percentage-of-completion method of accounting for long- term construction contracts during 2026. For tax purposes, the company employs the cost-recovery method and will continue this approach in the future. (Hint: Adjust all tax consequences through the Deferred Tax Liability account.) The appropriate information related to this change is as follows. 2025 2026 (a) Pretax Income from Percentage-of-Completion Net income $858,000 785,000 Cost-Recovery Difference $585,000 $273,000 315,000 470,000 Assuming that the tax rate is 30%, what is the amount of net income that would be reported in 2026?

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Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.