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The Long Island Construction Company has used the completed contract method of accounting for construction contracts. At the beginning of 2013, the company decides to
The Long Island Construction Company has used the completed contract method of accounting for construction contracts. At the beginning of 2013, the company decides to change to the percentage-of-completion method for financial reporting purposes, but will continue to use the completed contract method for tax reporting. The following table presents information concerning the change. The income tax rate for all years is 40%.
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