On January 1, 2017. Girdwood Inc. has decided to change its revenue recognition policy from the completed-contract to the percentage-of-completion method to align its policies with current industry reporting standards. The following is information regarding the completed-contract and percentage-of-completion methods: 2015 2016 2017 Completed-contract revenue $ 15,000 $ 55,000 $ 23,000 Percentage-of-completion revenue 25,000 70,000 28,000 Income before tax, completed-contract basis 65,000 70,000 60,000 Opening retained earnings, completed-contract basis 150,000 180,000 200,000 The income tax rate for each of the 3 years is 40%. Assume any tax difference due to change in amortization expense policy is a temporary difference. Dividends for 2017 are $10,000. Required: a. Restate and prepare the Statement of Stockholders' Equity for 2015-2017, assuming the change in policy is to be applied retroactively. b. Prepare the journal entry to properly reflect the accounting change in 2017. On January 1, 2017. Girdwood Inc. has decided to change its revenue recognition policy from the completed-contract to the percentage-of-completion method to align its policies with current industry reporting standards. The following is information regarding the completed-contract and percentage-of-completion methods: 2015 2016 2017 Completed-contract revenue $ 15,000 $ 55,000 $ 23,000 Percentage-of-completion revenue 25,000 70,000 28,000 Income before tax, completed-contract basis 65,000 70,000 60,000 Opening retained earnings, completed-contract basis 150,000 180,000 200,000 The income tax rate for each of the 3 years is 40%. Assume any tax difference due to change in amortization expense policy is a temporary difference. Dividends for 2017 are $10,000. Required: a. Restate and prepare the Statement of Stockholders' Equity for 2015-2017, assuming the change in policy is to be applied retroactively. b. Prepare the journal entry to properly reflect the accounting change in 2017