Cullumber Inc., a real estate developing company, was accounting for its long-term contracts using the

$217,800

Explanation:

1.)Income as per new method (695,000 + 331,000)$1,025,000

Less Actual reported income until 2021 (395,000 + 267,000 )$662,000

Balance $363,000

Hence:

40%*$363,000

=$145,200

$363,000 -145,200

=$217,800

Therefore amount will be debited to Construction in Process account, to record the change at beginning of 2021 will be $217,800

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answer; the above statement/question is ( true);