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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

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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 $226,000 2019 2020 716,000 462,000 254,000 (a) Calculate the net income to be reported in 2020. $ Net income e Textbook and Media List of Accounts Save for Later Using multiple attempts will impact your score. 100/cadeti

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