Matador began doing business on January $1,2018,$ using the Percentage of Completion to

record construction revenues. During $2022,$ Matador changed to the Completed Contract

Method to record construction revenues to be consistent with industry practice. The

bookkeeper used the Completed Contract Method for recording construction revenues in

Determine the adjustment to ICO. Matador has a corporate tax rate of $30\%.$ The

company compiled the following comparative data.

Using the information in Question $9,$ determine the cumulative effect adjustment to

Retained Earnings that Matador will recognize in the journal entry to record this

accounting change. Matador has a corporate tax rate of $30\%.$

Matador reports $3$ years of comparative financial statements $,$ and $2020).$

Using the information in Question $9,$ determine the cumulative effect adjustment to

Retained Earnings that Matador will recognize in the comparative financial statements

to record this accounting change. Matador has a corporate tax rate of $30\%.$