On January 1, 2009, Randall Construction Decided to Change from the Completed

On January 1, 2009, Randall Construction decided to change from the completed contract method of accounting for long-term construction contracts to the percentage-of-completion method. The company will continue to use the completed contract method for tax purposes. The tax rate is 30%. The following are all relevant data concerning the change.
Required:
(1.) Prepare the journal entry to record the accounting change.
(2.) Determine the net income to be reported in the 2009-2008 comparative income statements.
$$\begin{array}{l}\begin{array} { l c c } &\text { Income Before Income Tax }\\\text { Year } & \text { \% of Completion } & \text { Completed Contract } \\\hline \text { Before 2008 } & \$ 500,000 & \$ 300,000 \\2008 & 400,000 & 250,000 \\2009 & 450,000 & 400,000\end{array}\end{array}$$