5. The Potter Corporation has been in business for four years. The completed contract method has been used for all of those years to recognize revenue on construction projects. At the end of the fourth year, company officials decided to change to the percentage of completion method. That method increased income in the first three years by $80,000 and in Year Four by $30,000. How is this change in accounting principle reported? a. Retroactively the reported income for the first three years is increased by $80,000. b. Currently only the $30,000 amount for the current year is changed. c. Cumulatively the entire $110,000 income effect is recognized in the current year. d. In the future no changes are made until next year.