construction of the machine on January 1, 2018. The lease agreement for the $5.6 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 six years with no residual value. Barton and Barton's implicit interest rate was 10%. (EVof$1, PV of $1. EVA of $1. PVAof$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 at the beginning of the lease on January 1, 2018. 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, 2018 and 2020. Complete this question by entering your answers in the tabs below Req 1 Req Req 3 and 4 Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2018. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions.) View transaction list Journal entry worksheet Journal entry worksheet Record beginning of the lease for American Food Services Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2018