Exercise 14-20 (Algo) Instaliment note; amortization schedule [LO14-3] 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 $5.8 million machine, American Food Services issued a four-year instaliment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 10%. (FV of $1. 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 instaliment payment on December 31, 2023. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare an amortization schedule for the four-year term of the installment note. (Enter your answers in whole dollars.) required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the purchase of the machincton January 1, 2021. Note: Enter debits before credits. Journal entry worksheet Record the first installment payment on December 31, 2021. Note: Enter debits before credits. Journal entry worksheet Record the third instaliment payment on December 31,2023. Note: Enter debits before credits