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American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1 ,
American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January The lease agreement for the $ million fair value and present value of the lease payments machine specifled four equal payments at the end of each year. The useful life of the machine was expected to be four years with no residual value. Barton and Barton's implicit interest rate was FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $Use appropriate factors from the tables provided. Required: Prepare the journal entry for American Food Services at the beginning of the lease on January Prepare an amortization schedule for the fouryear term of the lease. & Prepare the appropriate entries related to the lease on December and Complete this question by entering your answers in the tabs below. Req and Prepare an amortization schedule for the fouryear 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. tableLease Amortization ScheduleYeartableLeasePaymentstableEffectiveInteresttableDecrease inBalancetableOutstandingBalancoTotal
American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January The lease agreement for the $ million fair value and present value of the lease payments machine specifled four equal payments at the end of each year. The useful life of the machine was expected to be four years with no residual value. Barton and Barton's implicit interest rate was FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $Use appropriate factors from the tables provided.
Required:
Prepare the journal entry for American Food Services at the beginning of the lease on January
Prepare an amortization schedule for the fouryear term of the lease.
& Prepare the appropriate entries related to the lease on December and
Complete this question by entering your answers in the tabs below.
Req and
Prepare an amortization schedule for the fouryear 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.
tableLease Amortization ScheduleYeartableLeasePaymentstableEffectiveInteresttableDecrease inBalancetableOutstandingBalancoTotal
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