Hi, please help! Please provide the detailed solution of how you get these answers, and answer the question FOLLOW THE CHART. Also, make sure you answer BOTH A and B part. Thank you!

Exercise 22-1 Oriole Construction Company changed from the completed-contract to the percentage of-completion method of accounting for long-term construction contracts during 2018. For tax 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. Pretax Income from: Percentage of Completion Completed Contract 2017 2018 $753,000 676,000 Difference 574,000 $%179,000 197,000 479,000 (a) Assuming that the tax rate is 40%, what is the amount of net income that would be reported in 2018? Net income (b) What entry is necessary to adjust the accounting records for the change in accounting principle? (Credit account titles are automatically indented when amount is entered. Do not indent manually If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work