During 207 Global discovered that certain items had been included in inventory at 31 December 20X6, valued at GHC4.2m, which had in fact been sold before the year end. The following figures for 20X6 (as reported) and 20X7 (draft) are available. Retained earnings at 1 January 20X6 and 1 January 20X7 were GHC13,000,000 and GHC21,981,000 respectively. The cost of goods sold for 20X7 includes the GHC4.2m error in opening inventory. The income tax rate was 30% for 20X6 and 20X7. No dividends have been declared or paid. Required Show the income statement for 207, with the 20X6 comparative, and retained earnings. During 207 Global discovered that certain items had been included in inventory at 31 December 20X6, valued at GHC4.2m, which had in fact been sold before the year end. The following figures for 20X6 (as reported) and 20X7 (draft) are available. Retained earnings at 1 January 20X6 and 1 January 20X7 were GHC13,000,000 and GHC21,981,000 respectively. The cost of goods sold for 20X7 includes the GHC4.2m error in opening inventory. The income tax rate was 30% for 20X6 and 20X7. No dividends have been declared or paid. Required Show the income statement for 207, with the 20X6 comparative, and retained earnings