American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2021. In payment for the $5.8 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 10%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for American Food Services' purchase of the machine on January 1, 2021. 2. Prepare an amortization schedule for the four-year term of the installment note. 3. Prepare the journal entry for the first installment payment on December 31, 2021. 4. Prepare the journal entry for the third installment payment on December 31, 2023. Complete this question by entering your answers in the tabs below. Req 2 Req 13 and 4 Req 2 Req 13 and 4 Prepare an amortization schedule for the four-year term of the installment note. (Enter your answers in whole dollars.) Decrease in Balance Outstanding Balance Dec.31 Cash Payment Effective Interest 2021 2022 2023 2024 Req 2 Req 1 3 and 4 Prepare the journal entries for American Food Services' purchase of the machine on January 1, 2021, the first installment payment on December 31, 2021 and the third installment payment on December 31, 2023. (Enter your answers in whole dollars. 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 2 3 > Record the purchase of the machine on January 1, 2021. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 1 2 3 Record the first installment payment on December 31, 2021. www ww m Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 < 1 2 3 Record the third installment payment on December 31, 2023. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2023