Blossom Home Inc., a real estate developing company, was accounting for its long-term contracts using the completed contractmethod prior to 2024. In 2024, it changed to the percentage-of-completion method.The company decided to use the same for income tax purposes. The tax rate enacted is 20%. Income before taxes under both themethods for the past three years appears below.Completed contractPercentage-of-completionO $300000$1826672022$385000 $261000O $62000O $36200068500020233230002024$137000What amount will be debited to Construction-in-Process to record the change at the beginning of 2024?205000

Name: Blossom Home Inc., a real estate developing company, was accounting f
Uploaded: 2024-03-05T11:50:36.000Z
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Description: Blossom Home Inc., a real estate developing company, was accounting for its long-term contracts using the completed contractmethod prior to 2024. In 2024, it changed to the percentage-of-completion method.The company decided to use the same for inco

The following basic information as follows:-Method = Percentage of completion method Tax rate = 20%

Answered: hat amount will be debited to…

Business

Accounting

hat amount will be debited to Construction-in-Process to record the change at the beginning of 2024? O $300000 O $182667 O $62000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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