I need 1,2,3& 4 requirement 3. & 4. Prepare the appropriate entries related to the lease on December 31, 2024 and 2026.Complete this question by entering your answers in the tabs below.Req 1Prepare the appropriate entries related to the lease on December 31, 2024 and 2026.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers inwhole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar.View transaction list<Journal entry worksheetReq 21Req 1Note: Enter debits before credits.Record the lease payment and interest expense for American Food Services.Date2December 31, 2024<Show Transcribed TextReq 3 and 4View transaction list1Req 23Complete this question by entering your answers in the tabs below.43. & 4. Prepare the appropriate entries related to the lease on December 31, 2024 and 2026.2DateJournal entry worksheetGeneral JournalDecember 31, 2024Clear antesReq 3 and 4Prepare the appropriate entries related to the lease on December 31, 2024 and 2026.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers inwhole dollars and not in millions. Round your intermediate and final answers to the nearest whole dollar.3Note: Enter debits before credits.DebitRecord the lease payment and interest expense for American Food Services.General JournalCreditView osonral JournalCleac anforDebitc>CreditView osonral Journal> i need requirements 1,2,3 & 4.American Food Services, Incorporated leased a packaging machine from Barton and Barton Corporation. Barton and Bartoncompleted construction of the machine on January 1, 2024. The lease agreement for the $5,1 million (fair value and present value ofthe lease payments) machine specified four equal payments at the end of each year. The useful life of the machine was expected to befour years with no residual value. Barton and Barton's implicit interest rate was 11%.Note: Use tables, Excel, or a financial calculator. (EV 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.Complete this question by entering your answers in the tabs below.Req 1View transaction stPrepare the journal entry for American Food Services at the beginning of the lease on January 1, 2024.Note: Enter your answers in whole dollars and not in millions. If no entry is required for a transaction/event, select "No journal entryrequired in the first account field.<Reg 2Journal entry worksheetRecord the beginning of the lease for American Food Services.Note: Enter debits before credits.Req 3 and 4Show Transcribed TextAmerican Food Services, Incorporated leased a packaging machine from Barton and Barton Corporation. Barton and Bartoncompleted construction of the machine on January 1, 2024. The lease agreement for the $5.1 million (fair value and present value ofthe lease payments) machine specified four equal payments at the end of each year. The useful life of the machine was expected to befour years with no residual value. Barton and Barton's implicit interest rate was 11%.Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1)Req 1Required: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.YearComplete this question by entering your answers in the tabs below.2024202520262027TotalReq 2ĴPrepare an amortization schedule for the four-year term of the lease.Note: Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to the nearest wholedollar.LeasePaymentsReq 3 and 4Lease Amortization ScheduleEffectiveInterestDecrease in OutstandingBalanceBalance(Reg 10Req 3 and 4 >

Journal entry to record lease includes debit to equipment and credit to lease payable Lease payment…

Answered: I need 1,2,3& 4 requirement

I need 1,2,3& 4 requirement

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q