Check my work mode: This shows what is correct or incorrect for the work you have completed so 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 $4.1 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%. (EV of $1. PV of $1. EVA 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 11 Req 21 Req 3 and 41 Prepare an amortization schedule for the four-year term of the lease. (Enter your answers in whole dollars and not in millions. Round your answers to the nearest whole dollar. Enter all amounts as positive values.) Lease Amortization Schedule Year Lease Payments Effective Interest Decrease in Balance Outstanding Balance 4,100,000 2021 1,321,536 451,000 870,536 3,229,464 2022 1,321,536 355,241 966,295 2.263.169 2023 1,321,536 248,949 1,072,588 1,190,581 2024 1,321,536 130,955 1,190,581 Total 5,286,144 1,186,145 4,100,000 < Req 1 Req 3 and 4 >