1. Record the interest in year 1.

2. Record the interest in year 2.

3.Record the interest in year 3.

4. Record the interest in year 4.

Amber Mining and Milling, Inc., contracted with Truax Corporation to have constructed a custom-made lathe. The machine was completed and ready for use on January 1, 2018. Amber paid for the lathe by issuing a $750,000, three-year note that specified 4% interest, payable annually on December 31 of each year. The cash market price of the lathe was unknown. It was determined by comparison with similar transactions that 12% was a reasonable rate of interest. (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-a. Complete the below table to prepare the company's journal entry. 1-b. Prepare the journal entry on January 1, 2018, for Truax Corporation's sale of the lathe. 2. Prepare an amortization schedule for the three-year term of the note. 3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity for Truax. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 2 Reg 3 Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity for Truax. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar.) No Event Credit General Journal Cash Discount on notes payable Debit 72,708 X 72,708 77,833 X Cash Discount on notes payable 77,833 Cash 83,555 X Discount on notes payable 83,555 750,000 Cash Discount on notes payable 750,000 Required: 1-a. Complete the below table to prepare the company's journal entry. 1-b. Prepare the journal entry on January 1, 2018, for Truax Corporation's sale of the lathe. 2. Prepare an amortization schedule for the three-year term of the note. 3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity for Truax. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 Reg 3 Prepare the journal entry on January 1, 2018, for Truax Corporation's sale of the lathe. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar.) General Journal Debit Credit No 1 Date January 01, 2018 Cash % 750,000 605,889 144,111