During 20X8 MKM discovered that certain items had been included in inventory at 31 December 20X7, valued at $6m, which had in fact been sold before the year end. The following figures for 20X7 (as reported) and 20X8 (draft) are available. 20X7 20X8 (draft) $'000 $'000 Sales 75,000 90,000 Cost of goods sold (50,000) (70,000) Profit before taxation 25,000 20,000 Income taxes (5,500) (8,000) Profit for the period 19,500 12,000 Retained earnings at 1 January 20X7 were $30m. The cost of goods sold for 20X8 includes the $6m error in opening inventory. The income tax rate was 30% for 20X7 and 20X8. No dividends have been declared or paid. Required: Show the income statement for 20X8, with the 20X7 comparative, and retained earnings