10.00 points Amber Mining and Miling, Inc, contracted with Truax Corporation to have constructed a custom-made lathe The machine was completed and ready for use on January 1, 2016. Amber paid for the lathe by s suing a S0000 three year note that specified 4% interest payable annually on December 31 of each year The cash market pnce of the lathe was unknown. It was determined by comparison with similar transactions that 10% was a reasorable rate of interest EVOLS1. ProSi Enti BAofu EVAD of $1 and PVAD of S1) (Use appropriate factorts) from the tables provided.) Required 1-a. Complete the table below to detemine the pice of the equipment values are based on: Flow Amount Present Value interest Principal Prce of machinery 1-b. Prepare the journal enitry on January 1, 2016, for Amber Mining and Miling's purchase of the lathe (f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the Amber Mining and Miling's purchase of the lathe