On March 31, 2019, Osborne changed from the completed contract method to the percentage of...
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Accounting
On March 31, 2019, Osborne changed from the completed contract method to the percentage of completion method. The following computations present income on both bases: Methods 2019 2018 2017 Completed Contract $12,000 $12,000 $12,000 Percentage of Completion 15,400 20,000 24,000 What is the amount of the cumulative effect of this accounting change made by Osborne for the year 2019 assuming a tax rate of 20%?
Group of answer choices
$0.
$2,720.
$16,000.
$18,720.
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