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American Food Services, Incorporated, acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1 ,

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 $4.5 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 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.

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