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 $822,000 $602,000 Difference 2019 $220,000 2020 718,000 476,000 242,000 Calculate the net income to be reported in 2020. Net income $ 502600 List of Accounts 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 for the amounts.) Account Titles and Explanation Debit Credit