8 6.66 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, 2021 Amber paid for the fathe by Issuing a $500,000, three year note that specified 4% Interest, payable annually on December 31 of each year. The cash market price of the late was unknown. It was determined by comparison with similar transactions that 10% was a reasonable rate of interest. (FV of $1. PV of $1. FVA of S1. PVA of $1. EVAD of $1 and PYAD of S1 (Use appropriate factors) from the tables provided) Required: t-a. Complete the below table to prepare the company's journal entry 1-b. Prepare the journal entry on January 1, 2021. for Truax Corporation's sale of the lathe Assume Truax spent $300,000 to construct the fathe 2. Prepare an amortization schedule for the three-year term of the note. 3. Prepare the journal entries to record (0) Interest for each of the three years and (b) payment of the note at maturity for Truax. Complete this question by entering your answers in the tabs below. RAGA Ret 15 R2 R Prepare the journal entries to record (0) interest for each of the three years and (b) payment of the note at maturity for Trunkin entry is required for a transaction evento "No journal entry required in the list account held Round intermediate calculations and That was to the whole ola Vion translat