The draft 2015 statement of financial position of Vale reported retained earnings of USD1,644,900 and net assets of USD6,957,300. It was then discovered that several items in opening inventory had been valued at selling price. This resulted in a USD300,000 overstatement of opening inventory. The closing inventory had been correctly valued in the draft 2015 financial statements.What are the correct figures for retained profit and net assets in the statement of financial position for 2015?
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