Part 1: At the beginning of 2020, the Vadar Company acquired a Death Star from the JEDI Company with a fair value of $6,074,700 by signing a four-year lease. The lease is payable in four annual installments of $2,000,000 at the end of each year. REQUIRED: 1) What is the effective rate of interest implicit in the agreement? 2) Prepare Vadars journal entries: a) when he signed the lease, b) On December 31,2020 and c) December 31, 2021. 3) If at the time of the lease, we did not know the value of the Death Star, nor do we know JEDI's borrowing rate was unknown, but of course we know that Vadar can borrow at 11%. Prepare Vadar's entry at the signing of the lease. Part 2: Potter Consulting performs services for which it receives payment 60 days after completion of the consulting service. Potter recognizes revenue for financial accounting purposes when the work is performed; while Potter recognizes revenue for tax purposes when the cash is collected. Service revenue, collections and pre- tax accounting income for 2022, 2023, 2024 and 2025 are as follows: Year: Service revenue collections Accounting pre-tax income 2021 $660,000 $620,000 $186,000 2022 $750,000 $778,000 $260,000 2023 $710,000 $702,000 $228,000 2024 $716,000 $700,000 $200,000 There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 25%. REQUIRED: Prepare Potter's journal entry for taxes in: A) 2022 B) 2023 C) 2024 D)