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View Poll Current Attempt in Progress Ivanhoe Inc., a real estate developing company, was accounting for its long-term contracts using the completed contract method prior

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View Poll Current Attempt in Progress Ivanhoe Inc., a real estate developing company, was accounting for its long-term contracts using the completed contract method prior to 2021. In 2021, it changed to the percentage-of-completion method. The company decided to use the same for income tax purposes. The tax rate enacted is 40%. Income before taxes under both the methods for the past three years appears below. 2019 2020 2021 Completed contract $460000 $306000 $152000 Percentage-of-completion 760000 383000 280000 What amount will be debited to Construction in Process account to record the change at beginning of 2021? O $77000 O $223000 O $152000 O $377000

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