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can someone check for me if i did right ot wrong and if its wrong fixed for me! thanks American Food Services, Inc. leased a

can someone check for me if i did right ot wrong and if its wrong fixed for me! thanks
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American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2021. 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 five years with no residual value. Barton and Barton's implicit interest rate was 10%. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2021. 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, 2021 and 2023. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 and 4 Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2021. (Enter your answers in whole dollars and not in millions. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) geng View transaction list View journal entry worksheet No Date General Journal Credit Debit 5,300,000 1 January 01, 2021 Interest expense Lease payable 5,300,000 Prepare an amortization schedule for the four-year term of the lease. (Enter your answers in whole Round your answers to the nearest whole dollar. Enter all amounts as positive values.) Lease Amortization Schedule Effective Decrease in Year Lease Payments Outstanding +Balance Interest Balance 2021 2022 2023 2024 Total 167,199 167,199 167,199 167,199 668,796 53,000 41,580 29,018 15,200 138,798 114,199 125,619 138,181 151,999 529,998 No 1 2 3 4 Date December 31, 2021 December 31, 2021 December 31, 2023 December 31, 2023 General Journal Interest expense Lease payable Cash Depreciation expense Accumulated depreciation Interest expense Lease payable Cash Depreciation expense Accumulated depreciation Debit 53,000 114,119 1,325,000 29,018 138,181 1,325,000 Credit 167,199 1,325,000 167,199 1,325,000

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