Question 4 Ahmad enters into an Ijarah-based arrangement with Bank Al-Saddiq. The bank purchases a car that Ahmad wishes to use for $50,000. Ahmad will then pay the bank $8,108 a month, for 5 years, for the right to use the car. Ahmad and the bank had undertaken an agreement that Ahmad will purchase the car and the bank will sell the car for $1 at the end of the 5 year ljarab period. The car has an estimated economic life of 5 years. The mutually agreed terms of the contract stipulate that Ahmad will bear the costs of maintenance and insurance of the car. Required: (a) Prepare journal entries to record the above ijarah contract in the books of Bank Shari'ah as Ijarah Muntahia Bitamleek through equivalent value method as prescribed by AAOIFI FAS 8 for the following periods: - At the beginning of ijarah - On receipt of first rental - At the end of first year, - At the end of second year, and, - At the end of ijarah term