Amber Mining and Milling, Incorporated, contracted with Truax Corporation to have constructed a custom-made lathe. The machine was completed and ready for use on January 1, 2024. Amber paid for the lathe by issuing a $600,000, 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 12% 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 Amber Mining and Millings 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) interest for each of the three years and (b) payment of the note at maturity. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

Amber Mining and Milling, Incorporated, contracted with Truax Corporation 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 Issulng a $600,000, three-year note that specified 4% interest, payable annually on December 3 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. 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 Amber Mining and Milling's purchase of the lathe. 2. Prepare an amortzation schedule for the three-year term of the note. 3. Prepare the journal entrles to record (a) Interest for each of the three years and (b) payment of the note at maturity. 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. Complete the table below to determine the price of the equipment. Note: Round final answers to the nearest whole dollars. Round your percentage answer to one decimal place. Amber Mining and Milling, Incorporated, contracted with Truax Corporation 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 issulng a $600,000, three-year note that specified 4% Interest, payable annually on December 3 each year. - The cash market price of the lathe was unknown. - It was determined by comparison with simllar transactions that 12% was a reasonable rate of Interest. Requlred: 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the Journal entry on January 1, 2024, 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 entrles to record (a) Interest for each of the three years and (b) payment of the note at maturity. 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 an amortization schedule for the three-year term of the note. Note: Round intermediate calculations and final answers to the nearest whole dollars. Amber Mining and Milling, Incorporated, contracted with Iruax Corporation 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 issulng a $600,000, 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 12% was a reasonable rate of interest. Requlred: 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the Journal entry on January 1, 2024, 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 entrles to record (a) Interest for each of the three years and (b) payment of the note at maturity. 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 Amber Mining and Milling's purchase of 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 dollars. Journal entry worksheet Record the Amber Mining and Milling's purchase of the lathe. Note: Enter debits before credits. Amber Mining and Milling, Incorporated, contracted with Truax Corporation 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 Issulng a $600,000, 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 12% 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 Amber Mining and Milling's purchase of the lathe. 2. Prepare an amortzation schedule for the three-year term of the note. 3. Prepare the journal entrles to record (a) Interest for each of the three years and (b) payment of the note at maturity. 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 entries to record (a) interest for each of the three years and (b) payment of the note at maturity. 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 dollars. Journal entry worksheet 34 Note: Enter debits before credits