Amber Mining and Milling, Inc. contracted with Truax Corporation to have constructed a custom-made lathe 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 5% interest, payable annually on December 31 of each year. The cash market price of the fathe was unknown It was determined by comparison with similar transactions that 8% was a reasonable rate of interest. (FV0L SI PV Of S1 EVA of S1. PVA of S1, FVAD of 51 and PVAD OLS) (Use oppropriate foctor(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. Roq 1A Reg 1B 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 Cash Flow Amount Present Value