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 $4.3 milion 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 $i. PV of $1. FVA of $1. PVA of $1. EVAD of $i and PVAD of $u) (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 an amortization schedule for the four-year term of the installment note. (Enter your answers in whole dollars.) Decrease in Outstanding Dec.31 Cash Payment Effective interest Balance Balance 2021 2022 2023 2024 Req13 and 4 > 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 $4.3 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% (FV of $). PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $(Use appropriate factors 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 instaliment payment on December 31, 2023 Complete this question by entering your answers in the tabs below. R2 Reg 13 and 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.) Vlow transactions Journal entry worksheet 1 2 3 > Record the purchase of the machine on January 1, 2021. ist Enterditshores General Journal Debit Credit Date Uanuary 01, 2027 Record entry Clear entry View
