Amencan 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 552 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 six years with no residual value. Barton and Barton's implicit interest rate was 1295 (EV OF S.PV of S1, EVA of S1, PVA of $1. FVAD. S1 and PVAD 59 (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the joumal 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. 3.6 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. Reg1 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 dollars and not in millions. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 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 55.2 million (al 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 six years with no residual value Barton and Barton's implicit interest rate was 12% (FV of $1. PV or S. EVA of $1. PVA O SI EVAD or S1 and EVAR 051) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the joumal 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, Complete this question by entering your answers in the tabs below. Reg1 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 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 American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Borton and Barton completed construction of the machine on January 1, 2021. The lease agreement for the 55 2 million (or value and present value of the lease payments machine specified Your equal payments at the end of each year. The useful life of the machine was expected to be six years with no residual value Barton and Barton's implicit interest rate was 12% (EV Of Si P of $1. EVA $1. EVASI EVAD of 51 and PVAD OF S (Use appropriate factor(e) from the tables provided) 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 2022 Complete this question by entering your answers in the tabs below. Reg 1 Heg 2 Req3 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 millions. Round your intermediate and final answers to the nearest whole dollar) View transactions Journal entry worksheet 3 4 1 2 Record the lease payment and interest expense for American Food Services Note Enter deres before cred General Journal Debil Credit Date December 31 2021 Record entry Clwenty View general al
