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 $4.9 million machine, American Food Services issued a four-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 12%. Required: 1. Prepare the journal entry for American Food Services' purchase of the machine on January 1, 2024. 2. Prepare an amortization schedule for the four-year term of the installment note. 3. Prepare the journal entry for the first installment payment on December 31, 2024. 4. Prepare the journal entry for the third installment payment on December 31, 2026. Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Req 2 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. December 31 Cash Payment Decrease in Effective Interest Balance Outstanding Balance 2024 2025 2026 2027 Reg Req 13 and 4 > Journal entry worksheet 1 2 3 Record the purchase of the machine on January 1, 2024. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 2 3 Record the first installment payment on December 31, 2024. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 Record the third installment payment on December 31, 2026. Note: Enter debits before credits. Date December 31, 2026 General Journal Debit Credit View general journal Record entry Clear entry