American Food Services, Inc., eased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2016. The lease agreement for the $5.9 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 five years with no residual value. Barton and Barton's implicit interest rate was 9% (also American Food Services' incremental borrowing rate). (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 at the inception of the lease on January 1, 2016. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record inception of the lease for American Food Services General Journal Date Debit Credit January 01, 2016 *Enter debits before credits done clear entry record entry