10 points Exercise 15-2 (Algo) Finance lease; calculate lease payments [LO15-2] American Food Services, Incorporated leased a packaging machine from Barton and Barton Corporation Barton and Barton completed construction of the machine on January 1, 2024 The lease agreement for the $5.2 million (fair value and present value of the lease payments) machine specified four equal payments at the end of each year. The useful ife of the machine was expected to be four years with no residual value Barton and Barton's implict interest rate was 12% Note: Use tables, Excel, or e finenciel celculetor EV 1 PV of 31. EVA of $1 PVA of $1 EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2024 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, 2024 and 2026 Answer is not complete. Complete this question by entering your answers in the tabs below. Rec Rec 2 Rec 3 and Prepare an amortization schedule for the four-year term of the lease Note: Enter your answers in whole dollar and natin millions Bound your intermediate and final answers to the nearest whole dollar. Lease Amortization Schedule Yea Lease Payments 1. Bellive Decrease in Dalance Outstanding Balance 2024 5.200.000 C 1641 44 C 2025 4079552 C 1640 448 C 520.000 C 407 1640 448 O 1.120 445 O 1.232.493 O 2026 4075.562 204706 129.249 2027 Total 13.350.104 2.243.867