The following is the statement of financial position for MNC Ltd as at December 31, 2018.

Notes to the account:

1. This includes raw materials of $71,000 and work-in-progress of $29,000.

2. This includes deposits for utilities as follows: Electricity $1,000 Telephone $1,800 Water $ 500 Miscellaneous $ 200 

3. This is only a proposed provision for dividends for the year.

Additional information: 

The percentage of Muslim shareholders is 58%. Required: Calculate zakat payable by MNC Ltd. using: 

i. the net assets method 

ii. the invested funds method.

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Fixed assets Vehicles Furniture & fittings $ 600,000 $ Buildings 2,900,000 12,100,000 15,600,000 Current assets Stock (Note 1) 4,100,000 Trade debtors 1,100,000 Fixed deposits 500,000 Cash at bank 95,000 Other debtors and (Note 2) 5,000 5,800,000 prepayment Current liabilities Trade creditors 2,000,000 Short-term loan 400,000 Taxation 2,500,000 Proposed dividends (Note 3) 500,000 5,400,000 16,000,000 Financed by: Share capital 5,000,000 Reserves 7,450,000 Shareholders funds Long-term loan 12,450,000 3,550,000 16,000,000