Answer and Explanation:
1. The Journal entry is shown below:-
Equipment Dr,  $4 million
          To Notes payable $4 million
(Being purchase of machine is recorded)
2. The preparation of amortization schedule for the four-year term of the installment note is shown below:-
Present value annuity factor for 10% for 4 years = 3.16987    
Note amount = $4,000,000    
Annuity value	= $1,261,881
($4,000,000 ÷ 3.16987)
                     A              B = (A × 10%)      C            D = (C - B)       E = (A - D)
Dec 31   Opening value Effective  Installment Reduction in Ending value
                   of Note           Interest     Paid          value of note       of note
2021     $4,000,000     $400,000  $1,261,881   $861,881         $3,138,119
2022     $3,138,119        $313,812    $1,261,881   $948,069       $2,190,050
2023     $2,190,050      $219,005   $1,261,881   $1,042,876     $1,147,174
2024     $1,147,174         $114,707     $1,261,881    $1,147,174        $0
3. The Journal entry to record the first installment is shown below:-
Interest expense Dr, $400,000
Long term note payable Dr, $861,881
        To Cash $1,261,881
(Being the first installment paid is recorded)
4. The Journal entry to record the third installment is shown below:-
Interest expense Dr, $219,005    
Long term note payable Dr, $1,042,876    
         To Cash $1,261,881  
(Being third installment paid is recorded)