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American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2016. In payment for the $4.8 million machine, American Food Services issued a four-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 12% Prepare an amortization schedule for the four-year term of the installment note. Prepare the journal entry for the third installment payment on December 31, 2018.