Current Attempt in Progress At the beginning of 2020, Sandhill Construction Company changed from the completod contract method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. The company will continue to use the coinpleted-confrat method for tax purposes. For years prior to 2020, pretax income under the two methodswas as follows: percentage-of completion 5120,300 . and completed contract 575,300 , The tax rate is 30 Sandhill has a profit sharing plar, which pays all employees a bonus at year ind based on 20 of prefpxincome Compote the indirect effect of 5 andhilrs change in accounting principle that wat be reported in the 2020 income statement,assumige that the profit-iharing contract explicitly requires adjustment for changesin income nimbers: Indirect effect 5 Sheridan, inc, changed from the UIFO cast flowassurpption to the FlFO cost flowassumption in 2020. The increase in the prior vesar's income before traces is 51307,000 . The tax rate b 20% Prepare Sheridan's 2020 journal entry to record the change in accounting principle. (Credit dccount citles are outomaticall y indentrd when amount Wi entered. Do not indent manualy. if no entry is requived, select "No Entry" for the dccount titles and enter O for the umounts. Current Attempt in Progress Waterway Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining balance wis $89,100, whereas straight-line depreciation prior to 2020 would have been $51,400 Waterway's depreciable assets had a cost of $254,800 with a $39,300 salvage value, and an 8 -year remaining useful life at the beginning ot 2020 Prepare the 2020 journal entry related to Watenway's depreciable assets (tequipment) (Crodit account tithes are outomotically indented When amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles ond enter O for the amounts. Tamarisk Compory purchased a computer system for $82,600 on January 1,2019. It was depreciated based on a 8 year life and an $17,000 salvage value. On danuary 1,2021. Tamarisk revised these estimates to a total usefullfe of 4 years and a salvage value of $10,200. Tarnarisk vses straight-line depreciation. Prepare Tamarisk's entry to record 2021 depreciation eqpense. (Credit occount tities are automotically indented when omount da entered. Do not indent manually if no enty is required, select "No Entry" for the occount titles and enter ofor the anounte) Current Attempt in Progress At the beginning of 2020, Sandhill Construction Company changed from the completod contract method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. The company will continue to use the coinpleted-confrat method for tax purposes. For years prior to 2020, pretax income under the two methodswas as follows: percentage-of completion 5120,300 . and completed contract 575,300 , The tax rate is 30 Sandhill has a profit sharing plar, which pays all employees a bonus at year ind based on 20 of prefpxincome Compote the indirect effect of 5 andhilrs change in accounting principle that wat be reported in the 2020 income statement,assumige that the profit-iharing contract explicitly requires adjustment for changesin income nimbers: Indirect effect 5 Sheridan, inc, changed from the UIFO cast flowassurpption to the FlFO cost flowassumption in 2020. The increase in the prior vesar's income before traces is 51307,000 . The tax rate b 20% Prepare Sheridan's 2020 journal entry to record the change in accounting principle. (Credit dccount citles are outomaticall y indentrd when amount Wi entered. Do not indent manualy. if no entry is requived, select "No Entry" for the dccount titles and enter O for the umounts. Current Attempt in Progress Waterway Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining balance wis $89,100, whereas straight-line depreciation prior to 2020 would have been $51,400 Waterway's depreciable assets had a cost of $254,800 with a $39,300 salvage value, and an 8 -year remaining useful life at the beginning ot 2020 Prepare the 2020 journal entry related to Watenway's depreciable assets (tequipment) (Crodit account tithes are outomotically indented When amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles ond enter O for the amounts. Tamarisk Compory purchased a computer system for $82,600 on January 1,2019. It was depreciated based on a 8 year life and an $17,000 salvage value. On danuary 1,2021. Tamarisk revised these estimates to a total usefullfe of 4 years and a salvage value of $10,200. Tarnarisk vses straight-line depreciation. Prepare Tamarisk's entry to record 2021 depreciation eqpense. (Credit occount tities are automotically indented when omount da entered. Do not indent manually if no enty is required, select "No Entry" for the occount titles and enter ofor the anounte)