Albus Dumbledore, Inc. contracted to have custom-made machinery constructed. The machinery was completed and ready for use on January 1, 2021. Albus Dumbledore paid for the machinery by issuing a $330,000 note due in three years on January 1, 2024. Interest, specified at 2%, was payable annually on December 31 of each year. The cash market price of the machinery was unknown. It was determined by comparison with similar transactions for which 6% was a reasonable rate of interest. Albus Dumbledore uses the effective interest method of amortization. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (You can use Excel, your financial calculator or the provided PV Tables.) 1. Prepare the journal entry on January 1, 2021, for Albus Dumbledore's purchase of the machinery. 2. Prepare an amortization schedule for the three-year term of the note. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Journal Entry Amortization Schedule Prepare the journal entry on January 1, 2021, for Albus Dumbledore's purchase of the machinery. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase on January 1, 2021. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Complete this question by entering your answers in the tabs below. Journal Entry Amortization Schedule Prepare an amortization schedule for the three-year term of the note. (Round your intermediate and final answers to the nearest whole dollar.) Note that this amortization schedule does NOT include the January 1, 2024 principle payment. Year Cash Payments Effective Interest Increase in Balance Outstanding Balance 2021 2022 2023