River Enteprise purchased a motor van and entered into a hire purchase agreement with Islamic Bank Bhd on 1 July 2014. The cash price of the motor van is RM150,000. The hire purchase agreement contains the following term: Deposit Instalment 20% of cash price 7 quarter instalments (The first instalment due on 30 September 2014), RM20,000 will be paid for the first 6 quarter instalments and RM11,693 in the final quarter. Interest 10% on outstanding balance. 10% straight line on yearly basis. Depreciation After paying the fifth instalment, on 2 October 2015 River Enterprise decided to settle in a full payment and Islamic Bank Bhd agreed to give rebate of 30% on the total finance charge. All payments are made on the due dates. River Enterprise closed their books on 31 December each year. Required: a. Calculate the Hire purchase price (2 marks) b. Calculate interest for each instalment (4 marks) c. Calculate the amount of final payment (4 marks) d. Prepare the following accounts for the years ended 31 December 2014 and 2015 in the books of River Enterprise: i. ii. iii. Hire Purchase Payable - Islamic Bank Bhd Motor vehicle account Accumulated Depreciation Car (10 marks)