Exercise $14-20($Static$)$ 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 $\backslash (\backslash$$ $4\backslash )$ 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 $\backslash (10\backslash \%\backslash ).$

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 $\backslash$$$1,$ PV of $\backslash$$$1,$ FVA of $\backslash$$$1,$ PVA of $\backslash$$$1,$ FVAD of $\backslash$$$1$ and PVAD of $\backslash$$$1)$

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.