American food services, inc. leased a packaging machine from barton and barton corporation. barton and barton completed construction of the machine on january 1, 2021. the lease agreement for the $5.0 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 10%. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.) required: 1. prepare the journal entry for american food services at the beginning of the lease on january 1, 2021. 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, 2021 and 2023.

answer; the above statement is (true);

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer(c) factors of production;

answermultidomestic strategy;