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 $5.4 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 12%. 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) Required: 1. Prepare the joumal entry for American Food Services at the beginning of the lease on January 1, 2024. 2. Prepare an amortization schedule for the four-year term of the lease. 3. \& 4. Prepare the appropriate entries related to the lease on December 31, 2024 and 2026. Complete this question by entering peor anniners in the tabs belore. Prepac te jourdal enery for American foed fercioes at me bepneisg of the leate on lanuary 1,2024 Journal entry worisheet Aectre the bogining of the kase fir Amencan fese Services: fout years with no residual value, Barton and Bertan's implicit interest rate wos 12. Note: Use tables, Excel, or a financial caiculatoc, (FV of SI, PV of S1. EVA of S1. PVA of S1, EV Required: 1. Prepare the jaumbl entry for American food Senices at the beginning of the lease an Janue 2. Prepare an amortization schedule for the fouryear term of the lease. 3. 8 4. Prepare the appropriate entries related to the lease on December 31, 2024 and 2026, Complete this question by entering your answers in the tabs below. Prepare an ambitixation schedule for the four-year tem of the lease. Note: Enter your endwers in whole dollars and not in milions. Round your interinediate and frar ans dotar. Prepare the appropriate entries related to the kase on Decomber 31,2024 and 2026 . Note: If no entry is required for a transection/inent, select "No jaum en entry required" in the fint arcou whele dollars and not in midions. Posend your intennedsete and final answers to the nearest whole docolar Journal entry worksheet Record the kase payment and interest experse for American food Senices Complete this question by entering your answers in the tabs below. Prepare the aperopeiate entries related to the lease on December 31,2024 and 2026. Note: If no entry is required for a transectionveient, select "No journal entry required in the fint accow whole dollars and not in milions, Round your irtermediate and final ansaers to the oearest wholo doila Journal entry worksheet Record the amortuation for American Food Services. Wole: Enter atetuts lefere dredas. Prepare the appropriate entries related to the lease on December 31,2024 and 2026 . Note: If no entry is required for a transactionvevent, select "No joumar entry requuired" in the first acco whole dollars and not in milions, Round your interinedate and final answers to the nearest whole doly Journal entry worksheet 2ecord the lease paryment and interest expense for American fobd Services. Nobet Eite deblib beltat ervedits Camplete this question by entering your answers in the tabs below. Prepare the appropriate entries reiated to the iease on December 31,2024 and 2026. Noie. If no enery is required for a transaction/ivent, select "No lournal entry required" in the finst accoi whole dellars and not in milions found your intermedsate and final ansaers to the nearest whele dolifar Journal entry worksheet Pecord the amortuation for American Food Services: Teobei Erotr debta betane oredte
