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 $5.4 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 17% EVOLI PVS1 EVA of $1 PVA of S1 EVAD S1 and PVAD LSD (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. Prepare an amortization schedule for the four year term of the installment note. (Enter your answers in whole dollars.) Dec 31 Cash P et Decrease in Outstanding arch View transaction list 5.88 points Journal entry worksheet 2 3 Record the purchase of the machine on January 1, 2021. References Note: Enter debits before credits General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal arch View transaction list 5.88 points Journal entry worksheet eBook Record the first installment payment on December 31, 2021. Hint References Note: Enter debits before credits General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal arch arch View transaction list 588 Journal entry worksheet