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i have completed the assignment but it still says incomplete can u please the me what's missing. thank u. 00 Help Save & Exit Submit
i have completed the assignment but it still says incomplete can u please the me what's missing. thank u.
00 Help Save & Exit Submit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. In payment for the $4.7 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 11%. (FV of $1 PV of $1, EVA.of $1, PVA of $1, EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 10 points Required: 1. Prepare the journal entry for American Food Services' purchase of the machine on January 1, 2018. 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, 2018, 4. Prepare the journal entry for the third installment payment on December 31, 2020. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 2 Req 1 3 and 4 Prepare an amortization schedule for the four-year term of the installment note. (Enter your answers in whole doilars.) Effective Decrease in Outstanding Dec.31 Cash Payment Balance Interest Balance 2018 1,514,932 517,000 997,932 407.227 1.107,705 -1,107,705 2019 1,514,932 2020 1,514,932 285,380 1,229,552 -2,337,257 2021 1,514,932 3,852.189 2,337 257 6,059.728 6,061.796 997,932 Next > Mc Graw HillStep by Step Solution
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