Shamrock Construction Company, which began operations in 2020, changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction contracts during 2021. For tax purposes, the company employs the completed-contract method and will continue this approach in the future. The appropriate information related to this change is as follows.
Pretax Income from
Percentage-of-Completion Completed-Contract Difference
2020 $875,000 $585,000 $290,000
2021 924,000 476,000 448,000

(a) Assuming that the tax rate is 20%, what is the amount of net income that would be reported in 2021?
(b) What entry(ies) are necessary to adjust the accounting records for the change in accounting principles?

Mauro products distributes a single product, a woven basket whose selling price is $15 and whose variable expense is $12 per unit. the company’s monthly fixed expense is $4,200. required: 1. solve for the company’s break-even point in unit sales using the equation method. 2. solve for the company’s break-even point in dollar sales using the equation method and the cm ratio. (do not round intermediate calculations. round "cm ratio percent" to nearest whole percent.) 3. solve for the company’s break-even point in unit sales using the formula method. 4. solve for the company’s break-even point in dollar sales using the formula method and the cm ratio. (do not round intermediate calculations. round "cm ratio percent" to nearest whole percent.)