PARTV-Temporary Difference (20 points) Edmund Industries has pretax accounting income of $46.0 million for the year ended December 31 The tax rate is 25%. The only difference between accounting income and taxable income relates to an operating lease in which Edmund is the lessee. The inception of the lease was December 28. year 1. A 3160 million advance rent payment at the inception of the lease is tax deductible in year 1 but, for financial reporting purposes, represents prepaid rent expense to be recognized equally over the four-year lease term. Required: 1. Determine the amounts necessary to record Edmund's income taxes for year 1 and prepare the appropriate journal entry. 2. Determine the amounts necessary to record Edmund's income taxes for year 2 and prepare the appropriate journal entry. Pretax accounting income was $60.0 million for the year ended December 31, year 2 3. Assume a new tax law is enacted in year 2 that causes the tax rate to change from 25% to 15% beginning in year 3. Determine the amounts necessary to record Edmund's income taxes for year 2. and prepare the appropriate journal entry