QUESTION 1 10 points Bank Musim has entered into an ara contract with Barakah Construction to lease equipment for a period of 5 years. The bank purchased specialized equipment from a local manutacturer on 01 January 2017 for $1,100,000 and incurred a transportation cost of $100.000 The Bank so incurred a legal fee of $50,000 relating to the para contract, which the bank considered to be material. Both parties have agreed that the installments are paid every quarter. The rental payment was agreed at $40,000 per month The residual value of the equipment after years is expected to be $200,000 based on the estimate of a certified vloer in 2016 and 2020, Barakah Construction incurred repair costs due to mechanica Gefaun no due to the normal usage of the asset amounting to 550,000 and $40,000 respectively. Every year, Barakah Construction incurred routine maintenance cose to wear and tear amounting to 520,000 per you on average Required (a) Prepare a profitatement to recognize the above lana contract in the book of Bank Muslim for the five-year period based on a Muntahia Bami (IMB) through me Equined Value methods prescribed ty AACF FAS