QUESTION 8 During 2020, Bonnie Ltd. discovered that some products that had been sold in 2019 were incorrectly included in inventory at 31 December 2020 at RM 6,500. Bonnie accounting records for 2020 show sales of RM 104,000, cost of goods sold of RM 86,500 (including RM 6,500 for the error in opening inventory), and income taxes of RM 5,250. In 2019, Bonnie Ltd has reported: Sales Cost of Goods Sold Profit before Income Taxes Income Taxes Profit RM 73,500 (53.500) 20,000 16.000) 14.000 The opening retained earnings for 2020 was RM 20,000 and the closing retained earnings was RM 34,000. The income tax rate was 30% for both 2019 and 2020. There are no other income or expenses.. Bonnie Ltd. had RM 5,000 of share capital throughout, and no other components of equity except for retained earnings. The shares are not publicly traded, and it does not disclose earnings per share. Required: a) Identify and explain the element in the above scenario according to MFRS 108. Show the journal entries to correct the error. b)