American Food Services, Incorporated leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2024. The lease agreement for the $4.4 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 four years with no residual value. Barton and Barton's implicit interest rate was 11%. 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 Required: 1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2024. 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, 2024 and 2026. Journal entry worksheet < 1 2 Record the lease payment and interest expense for American Food Services. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2024 Lease payable 484,000 Cash Interest expense 1,526,048 484,000 Journal entry worksheet 2 Record the amortization for American Food Services. Note: Enter debits before credits. Date General Journal Debit Credit 484,000 December 31, 2024 Interest expense Interest payable 484,000 Record the lease payment and interest expense for American Food Services. Note: Enter debits before credits. Date December 31, 2026 Interest expense Lease payable Cash General Journal Debit Credit 291,689 1,100,000 1,391,689 Journal entry worksheet 2 3 4 Record the amortization for American Food Services. Note: Enter debits before credits. Date General Journal December 31, 2026 Interest expense Interest payable Debit Credit 291,689 291,689