Question three: (10 Marks) Murad Co, a manufacturing firm, purchases raw material at a cost of BHD8,500 plus VAT at the standard rate of 5%. From the raw materials Murad Co makes finished products which it sells to retail outlet, Hasan Co, for BHD 10,950 plus VAT at 5%. Hasan Co sells the products to customers at a total price of BHD 14,200 plus VAT at 5%. Required: A. Prepare the accounting journal entries for VAT from Murad Co's Standpoint. (6 marks) B. Advise Murad Co on whether the VAT is payable or receivable and the exact implications of that to Murad Co. (4 Marks)