KTC is preparing its financial statements for 2018 . The draft statement of changes in equity is as follows: - KTC has now discovered an error in its inventory valuation. Inventory was overstated by GHS70,000 at 31 December 2018 and by GHS60,000 at 31 December 2017. The rate of tax on profits was 30% in both 2017 and 2018 . - Required: Show how the above errors would be corrected in the financial statements of KTC for 2017 and 2018. KTC is preparing its financial statements for 2018 . The draft statement of changes in equity is as follows: - KTC has now discovered an error in its inventory valuation. Inventory was overstated by GHS70,000 at 31 December 2018 and by GHS60,000 at 31 December 2017. The rate of tax on profits was 30% in both 2017 and 2018 . - Required: Show how the above errors would be corrected in the financial statements of KTC for 2017 and 2018