Amber Mining and Milling, Inc. contracted with Truax Corporation to have constructed a custom made fathe The machine was completed and ready for use on January 1, 2021 Amber paid for the lathe by issuing a $500,000, 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 10% was a reasonable rate of interest (EV OLSI. PV of S1 FVA of S1, PVA of $1. EVAD OLS1 and PVAD of $:1) (Use appropriate factor(s) from the tables provided.) Required: 1-0. Complete the table below to determine the price of the equipment 1-b. Prepare the journal entry on January 1, 2021, 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 entries to record (a) interest for each of the three years and (b) payment of the note at maturity, Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 2 Reg 3 Complete the table below to determine the price of the equipment (Round final answers to the nearest whole dollar) Table values are based on Present Value 10.0% Cash Flow Amount Interest 5 30 000 Principal $ 500,000 Price of equipment Reg Req 18 >