course name: Islamic accounting

QUESTION 1 10 points Bank Muslim has entered into a contract with Barakan Construction to leave equipment for a period of years. The bark purchased spected owner om focal and on 01 January 2017 for $1,100,000 and incurred transportation cost of $100,000. The lank so incurred a gre of $50.000 eng to the contact which the bank considered to be material. Both paresheve agreed that the instaliments are paid every quarter. The root payment was agreed M40.000 per month The residualue of the equipment after years is expected to be $200.000 based on the state of aceted value in 2018 and 2020, Bras Conection incredere che default not due to the normal usage of the asset amourning to $50,000 and $40,000 respectively Every you. Bakan Construction and routine mantecosts to wear and tear mounting $20,000 per year on average Required (a) Prepare a profit statement to recognize the above ara contract in the books of Banks for the five-year period on a Mutiara (1) how the prescribed by MOUFLFAS & SATAFIOIPC) O ALTOFNAF 10 Mac QSF QUESTION 1 10 points Bank Musium has entered into an contact with Barakah Construction to tease equipment for a period of 5 years. The bank purchased specized equipment from a local manutacturer on 01 January 2017 for $1,100,000 and incurred a transportation cost of $100.000, The Bank also incurred a legal fee of $50.000 elaning to the contract, which the bank.considered to be made for parties have agreed that the instaliments are paid every quartier. The rental payment was agreed at $10,000 per month The residual value of the equipment after 5 years is expected to be $200.000 based on the estimate of a certauern 2018 and 2020, Barakan Construction interperos de lo mechanical default not due to the normal usage of the amounting to 150,000 and $40,000 respectively. Every year, Construction incurred routine maintenance due to wear and tearamorong to $20.000 per year on average Required taj Prepare a profit statement to recognize the above ara contract in the books of Bank Mustertyear period based on sa Muntana Brough the time prescribed by AAC FIFAS E