COMPLETE REQUIREMENT #$1$ and REQUIREMENT #$3$ and #$4$

I have provided completed requirement #$2$ already

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 $4.4 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 11%. Note: use tables, Excel, or a financial calculator. (FV of $1. PV of $1, FVA of $1, PVA of $1, FVAD 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req I 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 finl answers to the nearest whole dollar. ease Amortization Schedule Year 2024 2025 2026 2027 Total Lease Pa men 5,672,944 Effective Interest 484,000 e 381,234 e 267,164 e 140,546 1272,944 Decrease in alanc 934,236 e 1,151 ,072 e 1,277 ,690 Outstanding Balance 3,465,764 e 2,428,762 e Roq >