opper Construction Company changed from the cost-recovery to the percentage-of-completion method of accounting for long-term construction contracts during 2020. For tax purposes, the company employs the cost-recovery method and will continue this approach in the future. The information related to this change is as follows. Pretax Income from Percentage-of-Completion Cost-Recovery Difference $250,000 $730,000 $980,000 2019 420,000 480,000 900,000 2020 Instructions (a) Assuming that the tax rate is 40%, what is the amount of net income that would be reported in 2020? (b) What entry(ies) are necessary to adjust the accounting records for the change in accounting policy?