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On January 1, 2025, Wildhorse Corporation changed to the percentage-of-completion method of income recognition. This change is justified by Wildhorse Corporation. On December 31,
On January 1, 2025, Wildhorse Corporation changed to the percentage-of-completion method of income recognition. This change is justified by Wildhorse Corporation. On December 31, 2024, Wildhorse's Retained Earnings balance was $1720000. Wildhorse calculated that, if the percentage-of-completion method had been used, the accumulated impact on net income (before taking into consideration any income tax effects) would have been an additional $420000. If Wildhorse's income tax rate is 25%, one of the impacts of this accounting change would be ?
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