Mudarabah:Bank Syari'ah Malaysia Berhad contributed $2,200,000 for a four-year Mudaraba financing contract (Mudarabah Muqayaddah) at the profit sharing ratio of 2:1 between the Bank (Rabb al-Mal) and Ihsan Corporation (Mudarib) respectively.

Assume that the venture incurred a loss of $140,000 in the first year; realized profit of $355,000 in the second year; incurred a loss of 240,000 in the third year; and realized profit of $340,000 in the fourth year.

Required:

1. Prepare the necessary journal entries to recognize asset and profit/loss of the above transactions, and show how profit/loss will be allocated between the Bank, and the Mend of first, second, third and fourth year, if the profit of Mudarabah is determined at the end of:

:At the end of the contract