Required: 1. Prepare the journal entry for American Food Services purchase of the machine on January 1, 2021 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, 2021 4. Prepare the journal entry for the third installment payment on December 31, 2023 Complete this question by entering your answers in the tabs below. Reg 2 Reg 1 3 and 4 Prepare an amortization schedule for the four year term of the installment note. (Enter your answers in whole dollars.) Dec Cash Payment Effective Interest Decrease in Balance Outstanding Balance 2021 2022 2023 2024 Reg 1 3 and 4 > 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 $1.4 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 9% (EV of $1. PV of S. EVA of S1. PVA OLS1. EVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided) Required: 1. Prepare the journal entry for American Food Services purchase of the machine on January 1, 2021 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, 2021 4. Prepare the journal entry for the third installment payment on December 31, 2023 Complete this question by entering your answers in the tabs below. Reg 2 Reg 1 3 and 4 Prepare an amortization schedule for the four year term of the installment note. (Enter your answers in whole dollars.) Cast Payment Dec 11 Effective interest Decrease in Outstanding Balance Balance 2021 2022