American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation Barton and Barton completed construction of the machine on January 1, 2018. The lease agreement for the $4.9 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 10% FV of $1. PV of S1 EVA of SL PVA of S1 EVAD of Stand PVAD OF $ (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, 2018 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, 2018 and 2020 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Rea 1 Reg 2 Red 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 nearest whole dollar. Enter all amounts as positive values.) Lease Payments Lease Amortization Schedule Effective Decrease in Interest Balance Outstanding Balance 4 000 000 105 TON 1.181.350 10 2331 15 TO 1.545.700 1.545.700 1345.700 8. 183,100 384.421 268,2043 140.455 2020 2021 Total 1.27500 X 1405 335 1 405 335 1 232 100 4.900.000