Recording Revenue Under Different Repurchase Agreements On January 1, Miller Inc. sells equipment to Smith Inc. for $99,000. As stipulated in the revenue contract, Miller Inc. will buy back the equipment on December 31 for $105,930. The relevant interest rate is 7% a. Prepare the seller's journal entry on January 1. Date Account Name Jan. 1 Liability to Smith Inc. Sales Revenue Dr. Cr. D D 0 Date b. Prepare the seller's journal entry on December 31. Account Name Dec 31 Dr. Cr. 0 To recognize interest Dec 31 = 0 0 = 0 0 To record payment c. Assume instead that Miller has the option to buy back the equipment and the fair value of the equipment is expected to decline through the year. How would the answers to parts a and b change (if at all)? Date Jan. 1 Account Name Dr. Cr. Dec. 31 DOO 0 0 To recognize interest Dec. 31 0 0 0 0 To record payment d. Assume instead that Smith has the option to require Miller to buy back the equipment after one year for $105,930 (an amount greater than the expected fair value of the equipment at that time). How would the answers to parts a and b change (if at all)? Date Jan. 1 Dec. 31 Account Name Dr. Cr. 0 0 0 0 0 0 = 0 To record interest Dec. 31 0 0 0 To record payment Please answer all parts of the question.