Lancaster Services, Inc. leased equipment from Philips Corporation. Phillips completed construction of the machine on January 2021. The lease agreement for the $8 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 be four years with no rosidual value. Phillip's Implicit Interest rate was 10% (PV of $1 PV of $1 PVA of $1. PVA OF $1. FVAD of $1 and PVAD of $1 (Use appropriate factors from the table provided.) Required: 1. Prepare the journal entry for Lancaster Services at the beginning of the lease on January 1, 2021 2. Prepare an amortization schedule for the four-year term of the lease, 3. Prepare the appropriate journal entries related to the lease on December 31, 2021. 4. Prepare the appropriate journal entries related to the lease on December 31, 2023 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required Prepare the journal entry for Lancaster Services at the beginning of the lease on January 1, 2021. (if no entry is required for al transaction/event select "No journal entry required in the first account field, View transaction let Journal entry worksheet Record the lease Note: Enter deb beton credits General Journal Date January 01, 2021 RACO View general L ILITO ne table Required Prepare the journal entry for Lancaster Services at the beginning of the lease on January 1 2021 2. Prepare an amortization schedule for the four year term of the lease. 3. Prepare the appropriate journal entries related to the lease on December 31, 2021 4. Prepare the appropriate Journal entries related to the lease on December 31, 2023 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare an amortization schedule for the four-year term of the lease. (Round your answers to the nearest whole dollar amounts.) Lease Amortization Schedule Lease Effective Decrease in Payments Interest Balance Outstanding Balance 2021 2024 Cree this question loyee you the based Required 1 Required 2 required 2 Required 3 Required 4 Prepare the appropriate journal entries related to the lease on December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction et Journal entry worksheet