Check my work Exercise 15-2 (Algo) Finance lease; calculate lease payments [LO15-2] 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 $4.3 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. (EV of $1 PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of 51) 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. Req 1 Req 2 Req 3 and 4 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. Lease Amortization Schedule Year Lease Payments Effective Interest Decrease in Balance Outstanding Balance 4,300,000 2024 1,356,525 430,000 2025 1,356,525 337,349 2026 235,430 2027 Intal 2713 050 1002 779 SEX x 5.0% 5.5% 6.0% 7.0% 8.0% 5694 0.95238 9.0% 0.94787 10.0% 11.0% 0.94340 12.0% 0.93458 0.92593 0.91743 8.90909 7267 1.85941 1.84632 1.83339 8.90090 1.80802 0.89286 1.78326 1.75911 4896 2.72325 1.73554 2.69793 1.71252 2.67301 1.69005 2.62432 2.57710 2.53129 2.48685 8753 3.54595 2.44371 3.50515 3.46511 2.48183 3.38721 3.31213 3.23972 3.16987 3.10245 8998 4.32948 4.27028 4.21236 3.03735 4.10020 3.99271 3.88965 3.79879 3.69590 5787 5.07569 3.60478 4.99553 4.91732 4.76654 4.62288 4.48592 4.35526 4.23054 9270 5.78637 4.11141 5.68297 5.58238 5.38929 5.20637 5.03295 4.86842 4.71220 4.56376 9589 6.46321 6.33457 6.20979 5.97130 5.74664 5.53482 5.33493 5.14612 4.96764 5879 7.10782 6.95220 6.80169 6.51523 6.24689 5.99525 5.75902 5.53705 5.32825 272 7.72173 7.53763 7.36009 7.02358 6.71008 6.41766 6.14457 5.88923 5.65022 2892 8.30641 8.09254 7.88687 7.49867 7.13896 6.80519 6.49506 6.28652 5.93770 858 8.86325 8.61852 8.38384 7.94269 7.53608 7.16073 6.81369 6.49236 6.19437 #285 9.39357 9.11708 8.85268 8.35765 7.90378 7.48690 7.10336 6.74987 6.42355 283 9.89864 9.58965 9.29498 8.74547 8.24424 7.78615 7.36669 6.98187 6.62817 -955 10.37966 10.03758 9.71225 9.10791 8.55948 8.06069 7.60608 7.19087 6.81086 402 10.83777 10.46216 10.10590 9.44665 8.85137 8.31256 7.82371 7.37916 6.97399 719 11.27407 10.86461 10.47726 9.76322 9.12164 8.54363 8.82155 7.54879 7.11963 999 11.68959 11.24607 10.82760 10.05909 9.37189 8.75563 8.20141 7.70162 7.24967 329 12.08532 11.60765 11.15812 10.33560 9.60360 8.95011 8.36492 7.83929 7.36578 794 12.46221 11.95038 11.46992 10.59401 9.81815 9.12855 8.51356 7.96333 7.46944 472 12.82115 12.27524 11.76408 10.83553 10.01680 9.29224 8.64869 8.07507 7.56200 821 14.09394 13.41393 12.78336 11.65358 10.67478 9.82258 9.07704 8.42174 7.84314 889 15.37245 14.53375 13.76483 12.40904 11.25778 10.27365 9.42691 8.69379 8.05518 1.co. 37-15000 32-23174 11.034EE 34 75736 922905 8.95185 8.24378