On January 1, 2013, Bubba 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 is all relevant data concerning the change. Required:
Prepare the journal entry to record the accounting change.

Question

On January 1, 2013, Bubba 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 is all relevant data concerning the change.  Required:
Prepare the journal entry to record the accounting change.

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The Answer of On January 1, 2013, Bubba 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 is all relevant data concerning the change.  Required:
Prepare the journal entry to record the accounting change.

On January 1, 2013, Bubba Construction Decided to Change from the Completed