add journal entries for the next 5 years. thank you.

Amber Mining and Milling. Incorporated, contracted with Truax Corporatlon to have constructed a custom-made lathe. - The machine was completed and ready for use on January 1, 2024. - Amber pald for the lathe by 15sulng a $500,000, 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 10% was a reasonable rate of interest. Required: 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the journal entry on January 1, 2024, for Truax Corporation's sale of the lathe. Assume Truax spent $300,000 to construct 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. Note: Use tables, Excel, or a financlal calculator. (FV of \$1. PV of \$1. FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1] Complete this question by entering your answers in the tabs below. Prepare the journal entry on January 1, 2024, for Truax Corporation's sale of the lathe. Assume Truax spent $300,000 to construct the lathe. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar. Prepare an amortization schedule for the three-year term of the note. Note: Round intermediate calculations and final answers to the nearest whole dollar. Journal entry worksheet 4 Note: Enter debits befare credits