In 2019. Bergeron Construction Company Ltd, applied the completed-contract method of accounting for long-term construction contracts. However, in 2020, Bergeron discovered that the percentage-of-completion method should have been applied instead. For tax purposes, the company uses the completed-contract method and will continue this approach in the future. Bergeron follows ASPE, and will apply the percentage-of-completion method in 2020 and in the future. Bergeron applies the deferred taxes method of accounting for income taxes, and is subject to a tax rate of 30%. The appropriate information related to this change is as follows: Pre-Tax Income Using Percentage- Completed- of-Completion Contract $836.000 $610.000 Difference 2019 $226,000 2020 716,000 462,000 254,000 (a) Your answer is correct. Calculate the net income to be reported in 2020. $ 501200 Net income e Textbook and Media List of Accounts Using multiple attempts will impact your score. 10% score reduction after attempt 2 Provide the necessary entry in 2020 to adjust the accounting records with respect to the revenue recognition method applied in 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit