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Ametican Food Services, incorporated leased a packaging machine from Barton and Barton Corperetion Eartan and...

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Accounting

Ametican Food Services, incorporated leased a packaging machine from Barton and Barton Corperetion Eartan and Bartan compicted construction of the mactine on January 1,2024. The lease agroement for the $5.2 milion flair value and present value of the lease paymens) machine specitiod four equal payments at the end of each yeen. The usefui fife of me machine wat expected to be four years with no residual value. Barton and Barton's implet interest rate was 128
equired:
Prepare the journal entry for Amenican Food Services at the begnning of the lease on doncary 1,2024
Prepore an amonizapion schedulo for the fouryear torm of the lesse.
54. Prepare the appropriate emries releled to the lease on December 31,2024 and 2026.
Complete this question by emering your answers in the tabs below.
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