Head land 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 durfre 2021. For tax purposes, the compamy employs the completed-contract enethod and will continue this approach in the future. The appropriate information related to this change is as follows. (a) Assuming that the taxcrate is 20%, what is the amount of net income that would be reported in 2021 ? Net income 5 (b) What eatry is neceisary to adjust the accounting records for the change in accounting principle? (Credit account tities are outomatically indented when amount is entered. Do not indent manualy. If no entry a required, select "No fnery" for the account titles and enter ofor the amsunts)