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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 $5.0 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 8%. Required: 1. Prepare the journal entry for American Food Services' purchase of the machine on January 1, 2024. 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 31,2024. 4. Prepare the journal entry for the third installment payment on December 31,2026. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1,FVAD of $1 and PVAD of $1 ) Complete this question by entering your answers in the tabs below. Prepare an amortization schedule for the four-year term of the installment note. Note: Round intermediate calculations and final answers to the nearest whole dollar. 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 $5.0 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 8%. Required: 1. Prepare the journal entry for American Food Services' purchase of the machine on January 1,2024. 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 31,2024. 4. Prepare the journal entry for the third installment payment on December 31,2026. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1,FVAD of $1 and PVAD of $1 ) Complete this question by entering your answers in the tabs below. Prepare the journal entries for American Food Services' purchase of the machine on January 1, 2024, the first installment payment on December 31, 2024 and the third installment payment on December 31, 2026. Note: Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field

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