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 $$5\mathrm{.}4$ million machine, American Food Services issued a four$-$year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of $11\%$:Required:$1.$ Prepare the journal entry for American Food Services' purchase of the machine on January $1,2024\mathrm{.}2.$ Prepare an amortization schedule for the four$-$year term of the installment note$\mathrm{.}3.$ Prepare the journal entry for the first installment payment on December $31,2024\mathrm{.}4.$ Prepare the journal entry for the third installment payment on December $31,2026.$Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1.$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$