Mr. Khalid is a local exporter in Oman and exports handicrafts to various countries. During his sales last year, he exported goods to Qatar, UAE, Egypt, and Saudi Arabia. Ms. Fatma is an importer from UAE and very fond of handicrafts from Oman. Khalid is flexible in his transactions with its customers and provides them with both the options i.e. cash and credit. On 1st February 2020, Khalid exported goods to Fatma for OMR 52,000. Fatma agreed payment terms with him and it was decided that she will make 25% in cash and remaining would be paid after 180 days and later to which Khalid drew 90 days for OMR 52,000. Fatma received the bill and returned it unaccepted. As the bill was unaccepted, on 20th February Khalid drew a new bill for the remaining amount on Fatma, which was accepted. On 1st April Khalid required funds, he tried to ar- range through various sources however nothing worked in his favor, and on 5th April he decided to get the bill discounted with Oman Arab Bank @ 6% p.a. being its corporate customer. Bank purchased the bill of exchange from Khalid and gave him the discounted amount. Due to COVID-19, UAE was in complete lockdown hence when the bill was about to mature, she expressed her inability to meet the payments. Consequently, the bill was dishonored. Assume that the bank prepares its financial statements at the end of the year as on 31st December. You are required to: a) Comment why Khalid has to draw the second bill on Fatma and explain the reasons for bills getting unaccepted. b) Discuss the process of discounting bills from the acceptance until dishonored with all the necessary calculations. c) Give journal entries in the books of banks assuming the bill is met at maturity