That was my first attempt at answering the question. Then, I tried finding the minimum lease payments by dividing $5.3 million by (PVA of 3.16987) when n=4 and i=10% and I still cannot get the correct answer. That gave me a lease payable of $1,309,192 however, it's still incorrect. Please help.

1 American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. The lease agreement for the $5.3 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 $1) (Use appropriate factor(s) from the tables provided.) O.75 points Required: 1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2018 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, 2018 and 2020. Answer is complete but not entirely correct. Complete this question by entering your answers n the tabs below. 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, 2018. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions.) General Journal Debit No Date Credit January 01, 2018 Right-of-use asset 5,300,000 1 Lease payable 5,300,000 KReq 1 Req 2> 1 American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. The lease agreement for the $5.3 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 $1) (Use appropriate factor(s) from the tables provided.) O.75 polnts Required: 1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2018 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, 2018 and 2020. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 and 4 Prepare an amortization schedule for the four-year term of the lease. (Enter your answers in whole dollars and not in millions. Round your answers to nearest whole dollar. Enter all amounts as positive values.) Lease Amortization Schedule Effective Interest Decrease in Balance Lease Outstanding Balance Year Payments 5,300,000 2018 795,000 874,500 1,325,000 530,000 4,505,000 2019 1,325,000 450,500 3,630,500 961,950 1,325,000 2020 363,050 2,668,550 2021 1,325,000 (1,343,550) 2,668,550 0 5,300,000 0 5,300,000 Total Req 1 Req 3 and 4 1 American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. The lease agreement for the $5.3 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 $1) (Use appropriate factor(s) from the tables provided.) 0.75 points Required: 1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2018. 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, 2018 and 2020. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 and 4 Prepare the appropriate entries related to the lease on December 31, 2018 and 2020. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit December 31, 201 Interest expense 1 397,500 927,500 Lease payable Cash 1,325,000 December 31, 201 Amortization expense 2 927,500 927,500 x Right-of-use asset December 31, 202 Interest expense 3 265,000 Lease payable 1,060,000 1,325,000x Cash December 31, 202 Amortization expense 4 1,060,000 1,060,000 Right-of-use asset Req 2 Req 3 and 4 1 American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. The lease agreement for the $5.3 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 $1) (Use appropriate factor(s) from the tables provided.) O.75 points Required: 1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2018 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, 2018 and 2020. Answer is complete but not entirely correct. Complete this question by entering your answers n the tabs below. 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, 2018. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions.) General Journal Debit No Date Credit January 01, 2018 Right-of-use asset 5,300,000 1 Lease payable 5,300,000 KReq 1 Req 2> 1 American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. The lease agreement for the $5.3 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 $1) (Use appropriate factor(s) from the tables provided.) O.75 polnts Required: 1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2018 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, 2018 and 2020. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 and 4 Prepare an amortization schedule for the four-year term of the lease. (Enter your answers in whole dollars and not in millions. Round your answers to nearest whole dollar. Enter all amounts as positive values.) Lease Amortization Schedule Effective Interest Decrease in Balance Lease Outstanding Balance Year Payments 5,300,000 2018 795,000 874,500 1,325,000 530,000 4,505,000 2019 1,325,000 450,500 3,630,500 961,950 1,325,000 2020 363,050 2,668,550 2021 1,325,000 (1,343,550) 2,668,550 0 5,300,000 0 5,300,000 Total Req 1 Req 3 and 4 1 American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. The lease agreement for the $5.3 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 $1) (Use appropriate factor(s) from the tables provided.) 0.75 points Required: 1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2018. 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, 2018 and 2020. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 and 4 Prepare the appropriate entries related to the lease on December 31, 2018 and 2020. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit December 31, 201 Interest expense 1 397,500 927,500 Lease payable Cash 1,325,000 December 31, 201 Amortization expense 2 927,500 927,500 x Right-of-use asset December 31, 202 Interest expense 3 265,000 Lease payable 1,060,000 1,325,000x Cash December 31, 202 Amortization expense 4 1,060,000 1,060,000 Right-of-use asset Req 2 Req 3 and 4