Exercise $14-20($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{.}5$ million machine, American Food Services Issued a four$-$year Installment note to be pald in four equal

payments at the end of each year.

The payments include interest at the rate of $10\%.$

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 $31,2026.$

Note: Use tables, Excel, or a financlal calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Req $2$

Req $13$ and $4$

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. P$[$LEASE HEL AND DO ALL REQUIREMENTS! Exercise $14-20($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{.}5$ million machine, American Food Services issued a four$-$year Installment note to be paid in four equ

payments at the end of each year.

The payments include interest at the rate of $10\%.$

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 $31,2026.$

Note: Use tables, Excel, or a financlal calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Req $13$ and $4$

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. PLEASE HELP ME AND DO ALL REQUIREMENTS