E22-1 (L01) (Change in Principle-Long-Term Contracts) Pam Erickson Construction Company changed from the com- pleted-contract to the percentage-of-completion method of accounting for long-term purposes, the company employs the completed-contract method and will continue this approach in the future. (Hint: Adjust all tax consequences through the Deferred Tax Liability account.) The appropriate information related to this change is as follows. n contracts during 2018. For tax Completed-c 2017 2018 $780,000 700,000 480,000 220,000 Using information related to E22-1 (page 1308), please: a. Prepare journal entry to record the change at the beginning of 2018 (see page b. Present partial income statement for the years 2017 and 2018 (see author's c. Prepare Retained Earnings Statement, assuming that the retained earnings 1271). illustration 22-3, pag. 1273). beginning balance as of January 1 2017 is $2,000,000 (see illustration 22-5, pag. 1274)