The Income Statement 0C 4-45 15 Cumulative Effect of a Change in Accounting Principle The company started business in 2013. In 2015, the company ing oil and gas exploration expense. The company has only two expenses pense and income tax expense decided to change its method of comput- oil and gas exploration ex- The following sales and oil and gas exploration expense information are or 2013-2015 2015 2014 2013 Sales Oil and gas exploration expense-old method Oil and gas exploration expense-new method $5,000 $3,000 $2,000 400 1,000 700 600 1,200 1,500 a tems i5 30% Prepare the 2015 comparative income statement The ncome tax rate