Saved 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 $4 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 residual value. Barton and Barton's implicit interest rate was 10% Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) 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. Complete this question by entering your answers in the tabs below. nces Req 1 Req 2 Req 3 and 4 Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2024. Note: Enter your answers in whole dollars and not in millions. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet Record the beginning of the lease for American Food Services. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit 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 $4 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 residual value. Barton and Barton's implicit interest rate was 10% Note: Use tables, Excel, or a financial calculator. (FV of 51. PV of $1. EVA of $1. PVA of $1. EVAD of 51 and PVAD of $1 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 Complete this question by entering your answers in the tabs below. Reg 1 Req 2 Req 3 and 4 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 answers to the nearest whole dollar. Lease Amortization Schedule Year Lease Payments Effective Interest Decrease in Balance Outstanding Balance 2024 2025 2026 2027 Total > Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 and 4 2024 2020 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 field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar View transaction list Journal entry worksheet 1 Record the lease payment and inferest expense for American Food Services. Note: Enter debits before credits Date December 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal