1) During 2024 , a construction company that began operations in 2022 changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. Gross profit figures under both methods for the past three years appear below: 202220232024 Assuming an income tax rate of 20% for all years, the effect of this accounting change on prior periods after taxes should be reported by a credit of A) $880,000 on the 2024 retained earnings statement. B) $880,000 on the 2024 income statement. C) $600,000 on the 2024 income statement. D) $600,000 on the 2024 retained earnings statement