Exercise 14-20 (Algo) Installment note; amortization schedule [LO14-3] American Food Services, Incorporated, acquired a packaging machine from Barton and Barton Corporation. - Barton and Barton completed construction of the machine on January 1, 2024. - In payment for the $5.6 million machine. American Food Services issued a four-year installment note to be paid in four equal payments at the end of each year. - The payments include interest at the rate of 10%. Required: 1. Prepare the journal entry for American Food Services' purchase of the machine on January 1,2024. 2. Prepare an amortization schedule for the four-year term of the instaliment note. 3. Prepare the journal entry for the first instaliment payment on December 31, 2024. 4. Prepare the journal entry for the third instaliment payment on December 31, 2026. Note: Use tables, Excel, or a financial caiculator. (EV of \$1, PV of \$1, EVA of \$1. PVA of \$1, EVAD of \$1 and PVAD of \$1) Prepare an amortization schedule for the four-year term of the installment note. Note: Round intermediate calculations and final answers to the nearest whole dolla Prepare the foumal entries for American Food Services' purchase of the machine on January 1, 2024, the first installment payment on December 31, 2024 and the third instaliment payment on December 31,2026 . Note: Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the purchase of the machine on January 1,2024. Note: Enter dehits yefore credits. Exercise 14-20 (Algo) Installment note; amortization schedule [LO14-3] American Food Services, Incorporated, acquired a packaging machine from Barton and Barton Corporation. - Barton and Barton completed construction of the machine on January 1, 2024. - In payment for the $5.6 million machine. American Food Services issued a four-year installment note to be paid in four equal payments at the end of each year. - The payments include interest at the rate of 10%. Required: 1. Prepare the journal entry for American Food Services' purchase of the machine on January 1,2024. 2. Prepare an amortization schedule for the four-year term of the instaliment note. 3. Prepare the journal entry for the first instaliment payment on December 31, 2024. 4. Prepare the journal entry for the third instaliment payment on December 31, 2026. Note: Use tables, Excel, or a financial caiculator. (EV of \$1, PV of \$1, EVA of \$1. PVA of \$1, EVAD of \$1 and PVAD of \$1) Prepare an amortization schedule for the four-year term of the installment note. Note: Round intermediate calculations and final answers to the nearest whole dolla Prepare the foumal entries for American Food Services' purchase of the machine on January 1, 2024, the first installment payment on December 31, 2024 and the third instaliment payment on December 31,2026 . Note: Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the purchase of the machine on January 1,2024. Note: Enter dehits yefore credits
