American Food Services, Incorporated leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January $1,2024.$ The lease agreement for the $$4\mathrm{.}5$ million $($fair value and present value of the lease payments$)$ machine specified four equal payments at the end of each year. The useful life of the machine was expected to be four years with no residual value. Barton and Barton$$s implicit interest rate was $8\%.$

$1.$ Prepare the journal entry for American Food Services at the beginning of the lease on January $1,2024.$ Record the beginning of the lease for American Food Services.

$2.$ Prepare an amortization schedule for the four$-$year term of the lease.

$2024-2027($ Lease payments$/$ effective Interest$/$ Decrease in Balance$/$ Outstanding balance $)$

$3.$ & $4.$ Prepare the appropriate entries related to the lease on December $31,2024$ and $2026.$