Check my work 12 5.88 points American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2021. In payment for the $6.0 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 12%. (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for American Food Services' purchase of the machine on January 1, 2021. 2. Prepare an amortization schedule for the four-year term of the installment note. 3. Prepare the journal entry for the first installment payment on December 31, 2021. 4. Prepare the journal entry for the third installment payment on December 31, 2023. Skipped eBook Hint References Complete this question by entering your answers in the tabs below. Reg 2 Reg 1 3 and 4 Prepare an amortization schedule for the four-year term of the installment note. (Enter your answers in whole dollars.) Decrease in Outstanding Dec 31 Cash Payment Effective Interest Balance Balance 2021 2022 Help Save & E Che 12 PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for American Food Services' purchase of the machine on January 1, 2021. 2. Prepare an amortization schedule for the four-year term of the installment note. 3. Prepare the journal entry for the first installment payment on December 31, 2021. 4. Prepare the journal entry for the third installment payment on December 31, 2023. w ts skipped Complete this question by entering your answers in the tabs below. eBook Hint Reg 2 leq 1 3 and 4 ferences Prepare an amortization schedule for the four-year term of the installment note. (Enter your answers in whole dollars.) Dec.31 Cash Payment Effective interest Decrease in Balance Outstanding Balance 2021 2022 2023 2024 C 12 Req 2 Req 1 3 and 4 5.88 oints Prepare the journal entries for American Food Services' purchase of the machine on January 1, 2021, the first install December 31, 2021 and the third installment payment on December 31, 2023. (Enter your answers in whole dollars. required for a transaction/event, select "No journal entry required" in the first account field.) Skipped View transaction list eBook Journal entry worksheet Hint References 1 2 3 Record the purchase of the machine on January 1, 2021. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Enter your answers in whole Select "No journal entry required" in the first account field.) Skipped View transaction list eBook Journal entry worksheet Hint ferences References Record the third installment payment on December 31, 2023. Note: Enter debits before credits. General Journal Debit Date December 31, 2023 Credit Mc Graw Hill View transaction list :X 1 Record the purchase of the machine on January 1, 2021. 2 Record the first installment payment on December 31, 2021. 3 Record the third installment payment on December 31, 2023. it Credit
