Exercise 15-2 (Algo) Finance lease; calculate lease payments [LO15-2] 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 $5.7 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 four years with no residual value. Barton and Barton's implicit interest rate was 9%. Note: Use tables, Excel, or a financial calculator. (FV of \$1. PV of \$1. EVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of S1) 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. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2024. Note: Enter your answers in whole dollors and not in millions. If no entry is required for a transaction/event, select "No fournat entry required" in the first sccount field. 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 final dollar. Prepare the appropriate entries related to the lease on December 31, 2024 and 2026. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fi answers in whole dollars and not in millions. Round your intermediate and final answers to the nearpst whole Exercise 15-2 (Algo) Finance lease; calculate lease payments [LO15-2] 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 $5.7 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 four years with no residual value. Barton and Barton's implicit interest rate was 9%. Note: Use tables, Excel, or a financial calculator. (FV of \$1. PV of \$1. EVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of S1) 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. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2024. Note: Enter your answers in whole dollors and not in millions. If no entry is required for a transaction/event, select "No fournat entry required" in the first sccount field. 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 final dollar. Prepare the appropriate entries related to the lease on December 31, 2024 and 2026. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fi answers in whole dollars and not in millions. Round your intermediate and final answers to the nearpst whole
