10. Muscat Corporation, an Omani affiliate of a major U.S.- based hotel chain, starts the calendar year with 500 million OMR cash equity investment. It immediately acquires a refurbished hotel in Al-Seeb for OMR 450 million. Owing to a favorable tourist season, Muscat Corporation's rental revenues were OMR 72 million for the year. Operating expenses of OMR 43,200,000 together with rental revenues were incurred uniformly throughout the year. The building, comprising 70 percent of the original purchase price (balance attributed to land), has an estimated useful life of 15 years and is being depreciated in straight-line fashion. By year-end, the Omani consumer price index rose to 390 from an initial level of 250, averaging 320 during the year. Required: Prepare financial statements for Muscat Corporation's first year of operations in terms of the historical-cost model and the historical-cost constant dollar model