ACCT311_FA21_TUT_CHP8.2_MUS_MM01_02112021 Ex. 1 Bank Shari'ah provides musharaka mutanaqisah financing to Crescent Corporation for a house development project amounting to $10,000,000. This amount represents 75% of the total project costs. The term of financing is for 5 years and the partner is required to pay back the bank in 5 equal installments yearly. The profit-sharing ratio is agreed at 30: 70 (Partner: Bank) and assumed to be constant for the first 2 years of the project. For the next three years, the profit-sharing ratio is agreed to be 25: 75 (Partner: Bank). The profits or losses from the project as disclosed by the partner are as follows: Year Profit /(Loss) $ 1 (1,500,000) (1,000,000) 2,500,000 2 3 4 1,500,000 5 1,000,000 You are required to determine the profits or losses based to be recognized by both Bank Shari'ah and Crescent Corporation from Year 1 to Year 5