xercise $14-20($Algo$)$ Installment note; amortization schedule $[$LO$14-3]$

American Food Services, Incorporated, acquired a packaging machine from Barton and Barton Corporation.

Barton and Barton completed construction of the machine on January $1,2024.$

In payment for the $$4\mathrm{.}9$ 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 $12\%.$

Required:

Prepare the journal entry for American Food Services$$ purchase of the machine on January $1,2024.$

Prepare an amortization schedule for the four$-$year term of the installment note.

Prepare the journal entry for the first installment payment on December $31,2024.$

Prepare the journal entry for the third installment payment on December $31,2026.$