1 American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2021. The lease agreement for the $5.7 million (fair value and present value of the lease payments) machine specified four equal payments at the end of each year. The useful life of the machine was expected to be five years with no residual value. Barton and Barton's implicit interest rate was 9%. (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) oped Required: 1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2021 2. Prepare an amortization schedule for the four year term of the lease. 3. & 4. Prepare the appropriate entries related to the lease on December 31, 2021 and 2023. Boox Hint Complete this question by entering your answers in the tabs below. Print Reg 1 Reg 2 Reg 3 and 4 Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2021. (Enter your answers in whole dolls and not in millions. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) ferences View transaction list Journal entry worksheet 1 Record the beginning of the lease for American Food Services Hote: Enter debits before credits General Journal Date January 01, 2021 Onbie American Food Services, Inc. leased a packaging machine from Barton and Barton Corporatic Barton completed construction of the machine on January 1, 2021. The lease agreement for t (fair value and present value of the lease payments) machine specified four equal payments a each year. The useful life of the machine was expected to be five years with no residual value Barton's implicit interest rate was 9%. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for American Food Services at the beginning of the lease on Janu 2. Prepare an amortization schedule for the four year term of the lease. 3. & 4. Prepare the appropriate entries related to the lease on December 31, 2021 and 2023. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 and 4 Prepare an amortization schedule for the four-year term of the lease. (Enter your answers in whole dollars and not in millio Round your answers to the nearest whole dollar. Enter all amounts as positive values.) Lease Amortization Schedule Effectivo Decrease in Interest Balance Load Payment Year Outstanding Balance 2021 2022 2023 2024 Total 0 Reg 1 Reg 2 Reg 3 and 4 Prepare the appropriate entries related to the lease on December 31, 2021 and 2023. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars and not in miilions, Round your Intermediate and final answers to the nearest whola dollar.) View transaction list Journal entry worksheet