During 2018, SuperPlus Ltd discovered that certain items valued at $4.2m had been included in inventories at 31 December 2017, and in fact these items were sold before the year end. The draft figures (extract) below were provided for you: 2017 2018 $000 $000 Sales 47,400 67,200 Cost of goods sold (34,570) (55,800) Profit before taxation 12,830 11,400 Income taxes (3,880) (3,400) Net profit 8,950 8,000 Other relevant information extracted from the accounting records: 1. Retained earnings at 1 January 2017 were $13m 2. The cost of goods sold for 2017 includes the $4.2m error in opening inventory 3. The income tax rate was 30% for 2017 and 2018 Required: i. Prepare a detailed income statement for 2018 with 2017 comparative. ii. Calculate the retained earnings for both years