American Food Services, Incorporated, acquired a packaging machine from Barton and Barton Corporation.

Barton and Barton completed construction of the machine on January $1,2024.$

In payment for the $$5\mathrm{.}3$ million machine. American Food Semces issued a four$-$year Installment note to be pald in four payments at the end of each year.

The payments Include Interest at the rate of $10\%.$

Required:

Prepare the journal entry for American Food Services' purchase of the machine on January $1,2024.$

Prepare an amortization schedule for the four$-$year term of the installment note.

Prepare the Journal entry for the first Installment payment on December $31,2024.$

Prepare the Journal entry for the third Installment payment on December $31,2026.$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Complete this question by entering your answers in the tabs below.

Req $13$ and $4$

Prepare an amortization schedule for the four$-$year term of the installment note.

Note: Round intermediate calculations and final answers to the nearest whole dollar.

$\backslash$table$[[$December $31,$Cash Payment,Effective Interest,$\backslash$table$[[$Decrease in$],[$Balance$]],\backslash$table$[[$Outhending$],[$Balance$]]],[,,,,],[2024,,,,],[2025,,,,],[2026,,,,],[2027,,,,],[,,,,]]$