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 $5.3 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 10%. Note: Use tables, Excel, or a financial calculator. (FV of \$1. PV of $1. FVA of $1, PVA of $1. EVAD of $1 and PVAD of $1 ) Required: 1. Prepare the Journal 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 your answers in the tabs below. Prepare an amortization schedule for the four-year term of the lease. Note: Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar: Prepare the appropriate entries related to the lease on December 31, 2024 and 2026. Note: If no entry is required for a transaction/event, select "No fournal entry required" in the first account field. Enter your answers in Whole doilars and not in millions. Round your intermedtate and final answers to the nearest whole dollar. Journal entry worksheet Record the lease payment and interest expense for American Food Services. Fote Enter debith before credits. 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 journal entry required" in the first account field, Enter your answers in whole doliars and not in millions. Round your intermediate and final answers to the nearest whole dollar. Journal entry worksheet Record the amortization for American Food Services. Note: E.mef debts before credts. repare the appropriate entries related to the lease on December 31, 2024 and 2026. Wote: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar. Journal entry worksheet Record the lease payment and interest expense for American Food Services. Notet Enter debies before credis. Prepare the appropriate entries related to the lease on December 31,2024 and 2026. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Round your intermedlate and final answers to the nearest whole dollar. Journal entry worksheet Record the amortization for American Food Services. Nolat Enter detans tiefore credits
