American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2021. The lease agreement for the $4.1 million (falr 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 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 at the beginning of the lease on January 1, 2021. 2. Prepare an amortization schedule for the four-year term of the lease. 3.& 4. Prepare the appropriate entries related to the lease on December 31, 2021 and 2023. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 and 4 Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2021. (Enter your answers in whole dollars and not in millions. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Req 1 Req 2 Req 3 and 4 Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2021. (Enter your answers in whole dollars and not in millions. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list > 1 Record the beginning of the lease for American Food Services. Credit Note : = journal entry has been entered Record entry Clear entry View general journal Req 1 Reg 2 Req 3 and 4 Prepare an amortization schedule for the four-year term of the lease. (Enter your answers in whole dollars and not in millions. Round your answers to the nearest whole dollar. Enter all amounts as positive values.) Lease Amortization Schedule Effective Decrease in Interest Balance Lease Payments Year Outstanding Balance 2021 2022 2023 2024 Total Req 1 Req 2 Req 3 and 4 Prepare the appropriate entries related to the lease on December 31, 2021 and 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar.) View transaction list 1 Record the lease payment and interest expense for American Food Services. rvices. 2 Record the amortization of right-of-use asset for American Food Services. 3 Record the lease payment and interest expense for American Food Services. Credit 4 Record the amortization of right-of-use asset for American Food Services. Note : = journal entry has been entered Record entry Clear entry View general journal TABLE 1 Future Value of $1 FV = $1(1+1)" 6.0% 7.096 10.096 12.09 20.0% 9.0% 1.09000 1.096 1.5% 2.096 2.5% 3.0% 4,096 5.09 5.59 1 1.01000 1.01500 1.02000 102500 1.03000 1.03500 104000 1.04500 1.05000 1.05300 2 1.02010 1.03022 1.04010 1.05063 1.06090 1.07123 108160 1.09203 L.10250 1.11303 31.03030 1.04568 1.06121 1.07689 1.09273 1.10872 1.12456 1.14117 1.15763 1.17424 4 1.04060 1.06136 1.05243 1.10381 1.12551 1.14752 1.16956 1.19252 1.21551 1.23582 5 1.05101 1.07728 1.10408 1.13141 1.15927 1.18769 1.21065 124618 1.27628 1.30696 L.00000 L. 12360 1.19102 L.26248 1.07000 1.14490 1.22504 1.31080 1.40255 8.0% 1.08000 1.16640 1.25971 1.36019 1.46933 1.18810 1.29503 1.41158 1.53862 1.10000 1.21000 133100 1.46110 1.61051 11.0% 1.11000 1.23210 1.36763 1.51807 1.12000 1.2540 1.40193 1.57352 1.76214 1.20000 1.44000 1.72800 2.07300 2.48832 1.68506 1.50073 1.58687 61.00152 1.09344 1.12616 1.15969 1.19-105 1.22926 1.26532 130226 1.30010 1.37584 7 107214 110984 14869 1 18869 1279871 27226 1 31593 1360R6 140710 1.45458 8 1.08286 112649 117166 1.21840176677 131681 1.36857 1.42210 1.47746.53499 91 09369114339 1 19509174886 1 30477 1 36290 142331 1 48610 1 55113161909 10 1.10462 116054 121899 1.28008 1.34392 1.41060 1.48024 1.55297 1 6289 1.70814 2.98598 358318 1.41852 1 50363 $9385 I 60948 1.67710 1 R2804 1.99256 1 60578 171819 1 R3846 1.96715 1 71382 1 R5093 1 99900 1.77156 1 94872 2.14359 235795 2.59374 1.87041 207616 230454 25SR04 283942 1.97352 221068 2.47596 2.7730 2 17189 4.29982 5 15978 6.19174 1.79085 2.15892 2.36736 3.1058S 2.10485 289312 3 15176 11 111567 117795 124337 131209138423 1.45997 1.53945 1.622R5171094 1.80009 12 1.1268319562 126824 1.34489 142576 51107 160103 1695 179586 1.90121 13 113809 121355 1 29361 137851 146853 156396 1 66507 177230 1 88565 2007? 14 1.14947 1.23176 131948 141297 1.51259 161869 17316185194 197993211609 15 116097125023 134587 1 44830 1.55797 167535 80094 193528 2.07893 223748 I R9830 201220 213193 226090 2.252.19 2.40985 2.57853 233164 251817 271942 294719 2 58043 281266 3 05580 3.34173 364248 3.13843 3.45227 3.79750 349845 388328 431044 3.47855 389998 4 36949 488711 547357 7.43008 8.91610 10 69932 123918 15 40702 239656 2 75903 317217 417725 478459 2 54015 4.59497 5 31089 269277 16 117258 126899 137279 148451 160471 173399 187298 202297 218287 2.35526 17 118430 1.28802 1.40024 1.52162 1.65285 1.7946 194790 2.11338 229202 2.48480 18 1.19615 1.30734 1.42825 1.55966 1.70243 1.85749 2.02562 2.20848 2.40662 2.62147 19 1.20811 1.32095 1.45681 1.59865 1.75351 1.92250 2.10665 230786 2.52695 2.76565 20 1.22019 1.34656 1.48595 1.63862 1.80611 1.98979 2.19112 2.41171 2.65330 2.91776 2.85434 3.02560 3.20714 2.952.16 3.15882 3.37993 3.61653 3.88968 349.994 3.70002 3.99602 431570 4.60096 397031 4.32763 4.71212 5.14166 5.60441 5.05447 5.55992 6.11591 5.89509 6.54355 7.26334 8.06231 613099 6.86604 7.68997 8.61276 9.64629 18 48843 22.18611 26.62333 31.91800 38.33760 6.72750 21 1.23239 1.36706 1.51567 1.67958 1.86029 2.05943 2.27877 2.52024 2.78596 3.07823 25 1.28243 1.45095 1.64061 1.85394 2.09378 2.36324 2.66584 3.00543 3.386353.81339 301.34785 1.56308 1.81136 2.09757 2.42726 2.806793.24340 3.74532 4.32194 4.98395 40 1.48886 1.81402 2.20804 2.68506 3.26204 3.95926 4.80102 581636 7.03999 8.51331 3.39956 4.14056 5.03383 6.10881 7.40025 8.94917 10.80385 46.00512 4.29187 5.42743 6.84848 8.62306 1083471 13.58516 17.00006 95 39622 5.74349 7.61226 10.06266 13.26768 17.44940 22.89230 29.95992 23737631 10.28572 14.97446 21.72452 31.40942 4525926 65.00057 93.05097 1469.77160 TABLE 2 Present Value of $1 $1 PV = (1+1) 1.04 1.596 2.596 3.5% 5.09 5.596 6096 7,096 100% 11.09 12.09 20.096 1 099010 098522 0.98039 0.975610.97087 0.96618 096154 0.95694 095238 0.94787 0.94340 0.93458 0.92593 091743 0.90909090090 0.89286 0.83333 20.98030 097066 096117 0.95181 0.94260 093351 0.92456 091573 0.90703 089845 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 069444 3 0.97059 0.95632 0.94232 0.92860 0.91514 0.90194 083900 0.87630 086384 085161 0.83962 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.57870 + 0.96098 094218 0.92385 0.90595 0.58849 087144 0.85480 0.83856 0.82270 0.80722 0.79209 0.76290 0.73503 0.70343 0.68301 0.65873 0.63552 048225 5 0.95147 0.92826 0.90573 0.88385 0.86261 0.84197 082193 080245 0.78353 0.76513 0.74726 0.71299 0.63058 0.64993 0.62092 0.59345 0.56743 040188 . 0.94305 0.91454 0.88797 0.86330 0.83748 0.81350 0.79031 0.76790 0.74637 4.73535 6.70096 0.6664 0.68017 0.5962 0.56417 0.53464 0.56665 0.33490 7 093272 090103 0.87056 0.84127 0.81309 0.78599 0.75992 0.73483 0.71068 0.68744 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 0.27908 8 0.92348 0.88771 0.8549 0.82075 0.78941 0.75941 0.73069 0.70319 0.67684 0.65160 0.62741 0.58301 0.54027 0.50187 0.46651 0.43393 0.40388 0.23257 90.91434 0.87459 0.83676 0.80073 076642 0.73373 0.70259 067290 064461 061763 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 036061 0.19381 10 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 067556 0.64393 0.61391 0.58543 0.55839 0.50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.16151 11 089632 0.34893 0.80426 0.76214 0.72242 0.65495 0.64958 0.61620 _58468 55491 0.52679 0.47509 0.43553 0.38753 0.35049 0.31728 0.38748 0.13459 12 0.38745 0.33619 0.78549 0.74356 0.70138 066178 0.62460 0.58966 0.55654 0.52595 0.49097 0.44401 0_39711 0.35553 0.31863 0.28584 0.25668 0.11216 13 087866 082403 0.77303 0.72542 0.68095 0.63940 0.50057 0.56427 0.53032 0.49856 0.46554 0.41496 0.36770 0.32615 0.25966 0.25751 0.22917 0.09346 14 0.36996 0.31155 0.75758 0.70773 0.66112 0.61778 0.5774 0.53997 0.5OSOT 0.47257 0.44230 0.38752 0.34046 0.29925 0.26333 0.23199 0.20462 0.07789 15 036135 0.79955 0.74301 0.69047 0.54186 0.59689 0.55526 0.51672 0.48102 0.44793 0.41727 0.36345 0.31524 0.27454 0.29999 0.20900 0.13270 006491 16 085282 078903 6.72545 0.67362 0.62317 0.57671 0.53391 0.45447 0.45811 0.43458 0.39365 0.33873 0.29189 0.25187 0.21763 0.15829 0.16312 0.05409 17 034438 0.77639 0.71416 0.65720 0.002 0.55720 0.51337 0.47318 0.43630 0.40245 0.37136 0.31657 0_27027 0.23107 0.19734 0.16963 0.14564 0.04507 15 03:3602 0.76491 070016 0.64117 0.58739 0.53836 049363 0.45280 0.41552 0.38147 0.35034 0.29556 0.25025 0.21199 0.17986 0.15282 0.13004 0.01756 19 0.82774 0.75361 0.68643 0.62553 0.57029 0.52016 0.47464 0.43330 0.39573 0.36155 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 0.03130 20 031954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 0.41464 0.337699 0.34273 031150 0.25342 0.21455 0.17343 0.14364 0.12403 0.10367 0.02005 21 0.81143 0.731.50 0.65973 0.59539 0.53755 0.45557 0.43883 0.39679 0235894 032456 0.29416 0.24151 0.19566 0.16370 0.13513 0.11174 0.09256 0.02174 24 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 0.39012 0.34770 031007 0.27666 0.24098 0.19715 0.15770 0.12640 0.10153 0.08170 0.06588 0.01258 25 0.77977 0.68921 0.60953 0.53939 0.47761 0.42315 0.37512 0.33273 0.29530 0.26223 0.233000.18425 0.14602 0.11597 0.09230 0.07361 0.05882 0.01048 28 0.75684 0.65910 0.57437 0.50088 0.43708 038165 0.33348 029157 025509 0.22332 0.19563 0.15040 0.11591 0.08955 0.06934 0.05382 0.04187 0.00607 >> 0.74934 0.64936 0.56311 0.48366 0.43435 036875 0.32065 0.279020_24295 0.21168 0.18456 0.14056 0.10733 0.08215 0.06304 0.04349 0.03738 0.00506 30 0.74192 0.63976 0.55207 0.47674 0.41199 035638 0.30832 0.26700023138 0.20064 0.17411 0.13137 0.69938 0.07537 0.05731 0.04368 0.03338 0.00421 31 0.73458 0.61031 0.54125 0.46511 0.39999 0.34423 0.29646 0.25550 0.22036 0.19018 0.16425 0.12277 0.09202 0.06915 0.05210 0.03935 0.02900 0.00351 40 0.67165 0.55126 0.45289 037243 030656 0.25257 0.20819 0.17193 0.14205 0.11746 0.09722 0.06678 0.04603 0.03184 0.02209 0.01538 0.01075 0.00068 TABLE 3 Future Value of an ordinary Annuity of $1 (1+1)-1 FVA - 5.5% 8.0% 9.0% 12.0% 10% 10000 10.09 1.0000 1 1.0000 1.0000 2.0800 2 2.0100 3.0301 1.5% 1.0000 2.0150 3.0452 4.0909 5.1523 2.0% 2.5% 3.0% 3.5% 1.0000 1.0000 1.0000 1.0000 2.0200 2.0250 2.0300 2.0350 3.0004 3.0756 3.0909 3.1062 4.1216 4.1525 4.1836 4.2149 5.2040 5.2563 5.3091 5.3625 1.0000 2.0400 3.1216 4.2465 5.4163 5.0% 1.0000 2.0500 3.1525 4.3101 5.5256 1.0000 2.0450 3.1370 4.2782 5.4707 6.0% 1.0000 2.0600 3.1836 4.3745 5.6371 1.0000 2.0550 3.1680 43423 5.5811 7.0% 1.0000 2.0700 3.2149 4.4399 5.7507 3 2.1000 33100 11.09 1.0000 2.1100 3.3421 4.7097 1.0000 2.0900 3.2781 4.5731 5.9847 20.0% 1.0000 2.2000 3.6400 5.3680 3.2454 2.1200 3.3744 4.7793 6.3528 4 4.5051 4.0604 5.1010 4.6410 6.1051 5 5.8666 6.2278 7.4416 6.7169 6.9753 7.1533 7.7156 8.1152 9.9299 6 6.1520 6.2296 6.3081 6.3877 6.4684 6.5502 6.6330 7 72135 73230 7.4343 7.5474 7.6625 7.7794 7.8983 8 8.2857 8.4328 8.5830 8.7361 8.8923 9.0517 9.2142 9 93685 9.5593 9.7546 9.9545 10.1591 10.3585 10.5828 10 10.4622 10.7027 10.9497 11.2034 11.4639 11.7314 12.0061 6.8019 8.1420 9.5491 11.0266 12.5779 8.0192 9.3800 10.8021 12.2882 6.8881 8.2669 9.7216 11 2563 128754 7.5233 9.2004 11.0285 8.3938 9.8975 11.4913 13.1808 7.3359 8.9228 10.6366 12.4876 14.4866 8.6540 10.2598 11.9780 13.816+ 9.4872 11.4359 13.5795 15.9374 7.9129 9.7833 11.8594 14.1640 16.7220 10.0890 12.2997 14.7757 17.5487 12.9159 16.4991 20.7989 259587 13.0210 15.1929 16.6655 17.5603 18.5312 32.1504 14.2068 15.9171 14.3835 163856 11 11.5668 11.8633 12.1687 12.4835 12.8078 13.1420 13.4864 12 12.6825 13.0412 13.4121 13.7956 14.1920 14.6020 15.0258 13 13 809314 2368 14.6803 15.1404 15.6178 16.1130 16.6268 14 14.9474 15.4504 159739 16.5190 17.0863 17.6770 18.2919 15 16.0969 16.6821 17.2934 17.9319 18.5989 19.2957 20.0236 13.8412 15.4640 17 1599 18.9921 20.7841 14.9716 16 8699 18 8821 20.6546 24.1331 18.9771 21.4953 15.7836 178885 20.1406 22.5505 25.1290 20.1407 22.9534 19.5614 22.7132 26.2116 21.3843 24 5227 39.5805 48.4966 17.7130 19.5986 21.5786 28.0291 18 2868 20 2926 21 0151 24.2149 26.0192 27.9750 32 3926 30.0949 34.4054 59. 1959 720351 22.4087 23.2760 27.1521 29 3609 31.7725 37.2797 24.6411 25.6725 27.8881 30.3243 33.0034 35.9497 39.1899 42.7533 22.7193 24.7417 23.6575 25.8404 28.1324 28 2129 30 8402 33.7502 16 17.2579 179324 18.6.393 19.3802 20.1569 20.9710 21.8245 17 18.4304 19.2014 20.0121 20.8647 21.7616 22.7050 23.6975 18 19.6147 20.4894 21.4123 22.3863 23.414424.4997 25.6454 1920 8109 21.7967 228406 23.9460 25.1169 26.3572 27.6712 20 22.0190 23.1237 24.2974 25.5447 26.8704 28.2797 29.7781 48 8837 44.500S 50.3959 30.9057 33.9990 87.4421 105.9306 128. 1167 154.7400 37.4502 25 9964 29 4812 32.1027 34 8683 26.8551 29.0636 31.3714 36.9737 41.3013 46.0185 51.1601 40.5447 45.5992 51.1591 57.2750 41.4463 30.5390 33.0660 33.7600 36.7856 37.3790 40.9955 56.9395 64.2028 55.7497 63.4397 72.0524 45.7620 186 6880 21 23.2392 24.4705 25.7833 27.1833 28.6765 30.2695 31.9692 33.7831 30 34.7849375387 40.5681 43.927 47.5754 51.6227 56.0849 61.0071 40 48 8864 54.267960.4020 67.4026 75.4013 34.5503 95.0255 107.0303 35.7193 37.7861 39.9927 44.8652 50.4229 56.7645 64.0025 72.2651 81.6987 225.0256 66.4388 72.4355 79.0582 94.4608 113.2832 136 3075 164.4940 199.02092413327 11818816 120.7998 1366056 154.7620 199.6351 259.0565 337.8824 442 5926 581.8261 767.0914 7343.8578 TABLE 4 Present Value of an Ordinary Annuity of $1 PVA- 1.096 2.0% 4.09 3.59 5.0% 0.95238 1 0.94787 2 0.99010 1.97040 2.94099 3.90197 1.596 0.98522 1.95583 2.91220 3.85438 4.78264 0.98039 1.94156 288358 3.80773 2.5% 0.97561 1.92742 2.85602 3.76197 4.64583 3.09 0.97087 1.91347 282861 3.71710 0.96618 1.89969 2.80164 3.67308 4.3% 0.95694 1.57267 2.74896 3.58753 4.38998 0.96154 1.63609 2.77509 3.62990 4.45182 1.84632 2.69793 1.85941 2.72325 3.54595 4.32948 3 7.09 8.0% 0.93458 0.92593 1.80502 1.78326 2.62432 2.57710 3.38721 3.31213 4.10020 3.99271 0.94340 1.83339 2.67301 3.46511 4.21236 9.09 10.0% 11.0% 12.096 20.09 0.91743 0.90909090090 0.59286 0.83333 1.75911 1.73554 1.71252 1.69005 1.52778 2.53129 2.48685 2.44371 2.40183 2.10648 3.23972 3.16987 3.10245 3.03735 2.56873 3.88965 3.79079 3.69590 3.60478 2.99061 4 3.50515 5 4.85343 4.71346 4.57971 4.51505 4.27025 6 5.79545 5.69719 5.60143 5.50813 5.41719 5.32855 5.15787 5.07569 4.99553 7 6.72819 6 23028 6.11454 8 6.59821 7.48593 8.36052 5.68297 6.33457 7.65165 856602 9.47130 6.47199 7.32548 8.16224 8.98259 6.34939 7.17014 7.97087 8.75206 7.01969 7.78611 5.24214 600205 6.73274 7.43533 8.11090 6.87396 7,60769 8.31661 5.89270 6.59589 7.26879 7.91272 5.78637 6.46321 7.10782 7.72173 4,91732 558238 6.20979 6 80169 7.36009 4.76654 4.62288 5.38929 5.20637 5.97130 5.74664 6.51523 6.24689 7.02358 6.71008 9 4.48592 4.35526 4.23054 4.11141 3.32551 5.03295486842 4.71220 4.56376 3.60459 5.534825.334935.14612 4.96764 3.83716 5.99525 5.759025.53705 5.32825 4,03097 6.41766 6.14457 5.88923 5.65022 4.19247 695230 10 9.22218 8.53020 7.53763 11 10.36763 10.07112 9.78685 9.51421 9.25262 9.00155 8.76048 8.52892 8.30641 8,09254 12 11.25508 10.90751 10.57534 10.25776 9.95400 9.66333 9.38507 9.11858 8.86325 8.61852 13 12.13374 11.73153 11.34837 10.98319 10.63496 10.30274 9.98565 9.68285 9.39357 9.11708 14 13.00370 12.54338 12.1062511.69091 11.29607 10.92052 10.56312 10.22283 9.89864 9.58965 15 13.86505 13.34323 12.84926 12.38138 11.93794 11.51741 11.11839 10.739551037966 10.03758 7.88687 838384 8.85268 9.29498 9.71225 7.49867 7.94269 8.35765 8.74547 9.10791 7.13896 6.80519 6.49506 6.30652 5.93770 4.32706 7.53608 7.16073 6.81369 6.49236 6.19437 4.43922 790378 7.48690710336 6.74987 6.42355 4.53268 8.24424 7.78615 7.36669 6.98187 6.62817 4.61057 8.55948 8.06069760608 7.19087 6.81086 4.67547 16 14.71787 14.13126 13.57771 13.05500 12.56110 12.09412 11.65230 11.23402 10.83777 10.46216 10.10590 9.44665 17 15.56225 14.90765 14.29187 13.71220 13.16612 12.65132 12.16567 11.70719 11.27407 10.36461 10.47726 9.76322 18 16.39527 15.67256 14.99203 14.35336 13.75351 13.18968 12.65930 12.15999 11.68959 11.24607 1082760 10.05909 19 1722601 16.42617 15.67846 14.97889 14.32380 13.70934 13.13394 12.59329 12.08532 11.60765 11 15812 10.33560 2018.04555 17.16864 16.35143 15.58916 14.87747 14.21240 13.59033 13.00794 12.46221 11.95038 11.46992 10.59-001 8.85137 9.12164 9.37189 9.60360 9.81815 8.31256 7.823717.37916 697399 4.72956 8.54363 8.02155 7.54879 7.11963 4.77463 8.75563 8.20141 7.701627.24967 4.81219 895011 8.36492 7.839297.36578 4.84350 9.12555 8.51356 7.96333 7.46944 4.86958 21 18.85698 17.90014 17.01121 16.18455 15.41502 14.69797 14.02916 13.40472 12.82115 12.27524 11.76408 10.83553 10.01650 9.29224 8.64569 8.07507 7.56200 4.89132 25 22.02316 20.71961 19.52346 18.42438 17.41315 16.48151 15 62208 14.82821 14.09394 13.41393 12.78336 11.65358 10.67473 9.82258 9.07704 8.42174 7.84314 4.94759 30 25 80771 24.01584 22.39646 20.93029 19.60014 18.39205 17.29203 16.288891537245 14.53375 13.76483 12.40904 11 25778 10.273659.42691 8.69379 3.05518 4.97894 4032.83469 29.91585 27.35548 25.10278 23.11477 21.35507 19.79277 18.40158 17.15909 16.04612 15.04630 13.33171 11.92461 10.75736 9.77905 9.95105 8.24378 4.99660