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An inexperienced accountant for Penhaligon Ltd showed the following in Penhaligon Ltd's statement of profit or loss: profit before income tax $800,000; income tax expense-$240,000; correction of prior period error-S00,000 and profit = $470,000. The correction of the prior period error has no effect on tax expense Required: Prepare a corrected statement of profit or loss beginning with Profit before income tax. Cell referencing not required Penhaligon Ltd Income statement (Partial) For the year ended 2018 $ value $ value $ value Income statement account Income statement account Income statement account Use this space to rovide a brief explanation of your answers above