Amber Mining and milling Inc. contracted with Traux 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 $450,000 three-year note that specified 6% 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

1a. Complete the table below to determine the price of the

1b. Prepare the journal entry on January 1, 2024 for trucks corporations sale of the Laith assume truck spent $250,000 to construct the late.

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 be payment for the note at maturity for Truax

Prepare an amortization schedule for the three-year term of the note. Note: Round intermediate calculations and final answers to the nearest whole dollar Prepare the journal entry on January 1,2024 , for Truax Corporation's sale of the lathe. Assume Truax \\( 5 p e n t 5250,000 \\) to construct the fathe. Note: If no entry is required for a transactian/event, select \"No journal entry required\" in the first account field. Round intermediate calculations and finat answers to the nearest whole dollar Reg 2 Complete this question by entering your answers in the tabs below. Complete the table below to determine the price of the equipment. Notres Round linal answers to the nearest whote dollar