Hampton's Construction,Inc

question 232

Multiple Choice

Hampton's Construction,Inc.decided to change from completed-contract method of accounting to percentage-of-completion method.The following information is available for net income.Ignore income tax effects: What is the journal entry to record the change in accounting principle on January 1,2016?

• A)No journal entry need for prospective application of the change in principle.
• D) Retained Earnings Prior Period Adj. 51,000

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