Saved Help Save & Exit Submit Check my work American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2021. The lease agreement for the $4.3 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 five years with no residual value. Barton and Barton's implicit interest rate was 10%. (FV of $1, PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of St (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for American Food 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.& 4. Prepare the appropriate entries related to the lease on December 31, 2021 and 2023. Complete this question by entering your answers in the tabs below. Rea 1 Pe: 2 Reg 3 and 4 Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2021. (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 1 Record the beginning of the lease for American Food Services, Journal entry worksheet 1 Record the beginning of the lease for American Food Services. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general journal Reg 1 25 points Reg 2 Req 3 and 4 Prepare an amortization schedule for the four-year term of the lease. (Enter your answers in whole dollars Round your answers to the nearest whole dollar. Enter all amounts as positive values.) eBook Lease Amortization Schedule Hint Year Lease Payments Effective Interest Decrease in Balance Outstanding Balance Print References 2021 2022 2023 2024 Total entry worksheet 1 2 3 4 nts Record the lease payment and interest expense for American Food Services. eBook Hint Note: Enter debits before credits. Print ferences Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal entry worksheet