Bank Syariah Berhad contributed $1,000,000 for a four-year Mudharabah financing at the profit sharing ratio of 70:30 between the bank and Ihsan Corporation (Mudarib) respectively.

Assume that the venture incurred a loss of $150,000 in the first year, realized a profit of RM50,000 in the second year, incurred a loss of $250,000 in the third year and realized a profit of $350,000 in the fourth year.

Required:

a)Calculate the profit/loss earned/incurred by the bank for the year 1 to 4

b)Prepared the necessary journal entries for years 1 to 4

c)Show the extract financial statement for year 1 to 4