You are a newly joined assistant in the accounts department and the following particulars are extracted from the books of Sohar International Bank for the year ending 31 December 2019. You are given with opening balances at the beginning of the year, the total Bills purchased during the year amounting to $ 2,990,000. The balance of discount received during the year was $ 534,600. Last year closing balance of rebate on bills discounted was $ 77,600. Additional information on bills discounted during the year is as follows: Date of bills Amount (OMR) Term months 18th September 28th October 5th November 20th December 29th December 550,000 320,000 970,000 300.000 850,000 5 2 4 4 4 Discounted at % per annum 9 7 8 10 12 Keeping in view all the information provided you are required to prepare: a) Calculate the rebate on bills discounted for the above bills b) Show the balance of Discount transferred to Income statement in the books of OAB bank