9 Check my work 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 $400,000, three-year note that specified 596 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 (EVOfSI, PVOfSI. EVAof$1, PVA of $1, FVAD of$1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) nts 01:50:41)Required: burial entry on Janua . reevea te 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 kipped e) oyment of he of the note at maturity for Truax eBook Complete this question by entering your answers in the tabs below Print erences Req 1A Req 1B Req 2 Req 3 Complete the below table to prepare the company's journal entry. (Round final answers to the nearest whole dollar.) Table values are based on: Cash Flow Amount Present Value Interest K Prev 9 of 13 Next > Show drug-abuse.jpg Check my work 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) 10 payment of the note at maturity for Truax. Complete this question by entering your answers in the tabs below 0149:43 Skipped Req 1A Req 1B Req 2 Req 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.) eBook Print View transaction list References Journal entry worksheet Record for Truax Corporation's sale of the lathe Note: Fnter dehits hefnre credits Graw Hill Show drug-abuse.jpg ISTUDY d CASE STUDY ..docx part0 (1).jpg 9 Check my work 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 10 points Complete this question by entering your answers in the tabs below 01:48:33 Req 1A Req 1B Req 2 Req 3 Skipped 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.) eBook View transaction list Print References 1 Record the interest in year 1. 2 Record the interest in year 2 3 Record the interest in year 3. 4 Record the payment of the note at maturity. 9 of 13 Next >