6.39/10 Total points awardea mework 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 $550,000, three-year note that specified 4% interest, payable annually on December 31 of each year. The cash market price of the lathe was It was determined by comparison with similar transactions that 9% was a reasonable rate of interest. (EVof$1. Pvats. A Aof$1. PVAof$1. EVADoS1 and PVAD of S1 (Use appropriate factor(s) from the tables provided.) Required: 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the journal entry on January 1, 2018, for Amber Mining and Milling's purchase of the lathe. 2. Prepare an amortization schedule for the three-year term of the note. 3, prepare the journal entries to record (a) interestfor each of the three years and payment of the note at maturity. Complete this question by entering your answers in the tabs below. Reg 1A Req 2 Req 3 to the in 22 000 s 43.231 22.000 45.162 21 231 23 142 501 574 524 7c, 11 Next >