Stanton Inc. is a calendar year, cash basis taxpayer. Stanton Inc. decides to change to the accrual method of accounting for the current year. Net income for this year under the accrual basis was $600,000 before any adjustments. On December 31 of last year, the balances in accounts receivable and accounts payable were $35,000 and $42,000, respectively. What is Stanton's current year "adjusted" net income? What are Stanton's reporting options?

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