3.33 points 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 $4.7 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 8%. (EV of $1. PV of $1. EVA of $1. PVA of S1.EVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided) Required: 1. Prepare the journal entry for American Food Services at the beginning of the fease 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 eBook Het Complete this question by entering your answers in the tabs below. Reg1 Reg2 Reg) and 4 rences Prepare an amortization schedule for the four-year term of the late. (Enter your answers in whole dollars and not in millions Round your answers to the nearest whole dollar. Enter all amounts as positive values.) Lease Amortization Schedule Effective Decrease in interest Balance Year Lease Payments Outstanding Balance 2021 2022 2023 2024 Total 1.175.000 Reg 1 Rogaland Journal entry worksheet Record the lease payment and interest expense for American Food Services. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general Journal 3.33 points Journal entry worksheet