Exercise 14-20 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 $5,700,000 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%. Prepare the necessary journal entries on the dates shown below. Credit Purchase Date Account 1/1/21 Machine Note Payable Debit 5,700,000 5,700,000 Credit Payment 1 Date Account 12/31/21 Interest Expense Note Payable Cash Debit 570,000 1,228,184 Correct 1,798,184 Credit Payment 2 Date Account 12/31/22 Interest Expense Note Payable Cash Debit 447,182 1,351,002 Correct 1,798,184 Credit Payment 3 Date Account 12/31/23 Interest Expense Note Payable Cash Debit 312,081 1,486,103 Correct 1,798,184 Credit Payment 4 Date Account 12/31/24 Interest Expense Note Payable Cash Debit 163,471 1,634,713 Incorrect 1,798,184