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 $4.4 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 9% (EV 0:31 py of $1. FVA of $1. PVA of S1 FVAD of S1 and PVAD of 5.1) (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 noto. 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. Reg 2 Red 13 and 1 Prepare an amortization schedule for the four-year term of the installment note. (Enter your answers in whole dollars) Dee 31 Cash Payment Effective interest Decrease in Balance Outstanding 2021 2022 2023 2024 Reg 13 and 4 ) ework (Bonds and Long-Term Notes) 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 $4.4 million machine, American Food Services issued a fouryear Installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 9% (EV of St. PV of $1. EVA of $1. PVA of S1, EVAD 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. Req2 Reg 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 ist Journal entry worksheet 2 3 Record the purchase of the machine on January 1, 2021. Note: Enter debts before credits General Journal Debit Credit Date January 01, 2021 Record entry Clew entry View general Journal 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 $4.4 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 9% (EV of 1 PV of $1. FVA of S1, 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. Reg 2 Reg 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
