Question ID:ABFS7 22 Company A has changed its method of accounting for revenue. In the past, the company used the completed contract method. On January 1 of last year, decided to use the percentage of completion method instead for al new cont racts. In late January of last year, Company A began work on a contract that will take 18 months to fulfill, and made steady progress on that contract throughout the year. Which of the following best describes what Company A's financial statements for last year will show, as compared to what the statements would have shown if the company still used the completed contract method? Higher revenue and no change in expenses Higher revenue and higher expenses Lower revenue and higher expenses Lower revenue and no change in expenses