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 $650,000, three-year note that specified 3% 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. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1-a. Complete the below table to prepare the company's journal entry. 1-b. Prepare the journal entry on January 1, 2021, for Truax Corporation's sale of the lathe. Assume Truax spent $450,000 to construct 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 for Truax. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Reg 3 Complete the below table to prepare the company's journal entry. (Round final answers to th Table values are based on: na 3 Present Value i = 12.0% Cash Flow Amount Interest Principal Price of equipment Reg 12 Req 1B > Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 Req3 Prepare the journal entry on January 1, 2021, for Truax Corporation's sale of the lathe. Assume lathe. (If no entry is required for a transaction/event, select "No journal entry required" in the calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 2 Record the entry for Truax Corporation's sale of the lathe. Note: Enter debits before credits Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general journal tabs below. Reg 1A Reg 1B Reg 2 Reg 3 Prepare the journal entry on January 1, 2021, for Truax Corporation's sale of the lathe. Assume lathe. (If no entry is required for a transaction/event, select "No journal entry required" in the calculations and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Journal entry worksheet Req 1A Reg 1B Reg 2 Reg 3 Prepare the journal entries to record (a) interest for each of the three years and (b) payment entry is required for a transaction/event, select "No journal entry required" in the first account final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Present Value of $1 PV (1+0) IS 957 ID 6060 HO 11.01 1.596 3.04 3.54 404 504 KS 7,044 1844 9.04 11.04 12.09 10.04 109901005220909 097501 0.97057 09615 0.15 095094 095338 0907 09 0.93458 0.0159 091743 0.00 0.00 01333 2098030 097000 9117 095180440 093151 093456 09157690703 0.1345019000 07344 0157H 0.64168 037045 016 09 0044 3097059 095032094212 09860 0915140194 088900 0.750 016184 015161 0.0396 0860 0.793 077218 075031 73119 011 0:57 + 096095 09012092385 0.90595 08549087144 035450033356 0.33270 010722 079209 07620 07351 07084) 0001 065 0.00043 5.095147 092036 09057 0.8035 036261 034197 012193 00345 073353 076513 044726 07122 066058061033 062091 05934505070040115 60.94305 0.0144 0.58797 0.542.50 0.375 0.2350 0.7031 0.767 0.74621 0.72535 0.75486 0.466.34 0.6.2011 O. 0.64 0.3346465664 8.3495 7 093772 0.90103047056 034127 01309 078599 0.75993 073409 0.71068 066144 066506 067775 0.5639 054703 051116 045166 045 01790 092341 015771 035549 051075 0.7141 075941 073009 070319 0.67684 0.65160 062741 0.58201 054027 50187 046651 049 4011 011157 9. 091434 017459 033678 0.10073 0.76642 0.73373 070259 067290 064461 06176) 0.59190051395 0.50025 0.46043 0.43410 0.19092 0.36001 0.1938 10 090529 56167 082035 0.78120 0.14409 0.70892 067556 0.61393 061991 05854) 055839 050635 046319 04134103554 015211032197 016151 SEO 11 0.33 0.54593 0.80436 076214 0.72341 0.65405 0.62958 0.61420 6.58468 0.58401 0.53679 0.47509 6:42888 0.38753 0.35049 0.31731 31748 0.1345 12058745 085639 0.75549 0.74356 070135 066178 062460058966 055614 052598 0.49997 04105 0.19711 035553 031563098554 015618 011156 10.37166 023403 0.77303 0.72542 068095 063940 060057 056127 053092 0.49856 0.46804 041496 036770 03613 0266 0.25751 022917 005545 14 030996 011185 0.75788 070773 066112 001778 07148 053997 050507 0.47257 042003782 0.34046 0935 036933033199 090461 GOTTES 15 0.86135079985 074301 0.69047 061186 0.59619 055576 0.51672 0.48109 0:44293 041727 0.36245 031524 0.27454 0.2399 0.30900 120 00 16 0.85281 0.76803 0.72545 0.67362 0.62317 0.57671 0.53391 0.49447 0.45811 042458 0.39365 0.33873 0.29139 0.35117 021763 0.18829 0.16312 0.05410 17 0.54435 077699 0.71416 0.65720 0.60502 055720 051337 0.47318 049630040245 0.37136 031657 0.27022 023107 019754 016963 014564 004507 18 0.83602 076491 0.70016 0.64117 058719 0.53836 049363045280 041552 038147 0.350.4029586 025025 02119 0.17986 015281 0.13004 003756 19 082774 075361 065613 002555 0.57029 052016 047464 0.43330039573 036156 0.33051 0.27651 023171 019449 016351 0.11768 011011 003) 20081954 074247 067297 061027 0.55368 0.50257 0.45039 0.41464 0.7689 034273 031180 0.25842 021455 017543 014864 013403010367 0700 21 0.51143 0.73150 0.65978 0.59539 0.53755 0.48557 0.43883 0.39679 0.35894 0.33486 0.19416 0.34151 0.19866 0.16370 0.13513 011174 0.00356 0.03174 24 0.78757 0.69954 0.62172 055288 0.49193 043796 0.39012 034770 031007 027666 0.24696 019715 015770 0 12640 010153 0.05170 0.00551 00125 25 0.77977 0.05921 060953053939 047761 042315 037512 033773 0.29530 026223 0.23300 018425 014602 011597 009330 007361 000 00104 28 075634 065910 0.57437 0.003 0.43705 0:38165 033348 09157 0.25509 022332 019563 015040 011591 008955 00094 00532 000 000607 29 0.74934 061938 0.56311 0.48566 0.42435 036875 032065 0.27902 024295 021168 018456 0.14056 0.10733 0.00215 0.06304004549 0.03738 000 NOVO WOO 30 0.74192 0.61976 0.55207 0.47674 0.41199 0.35628 0.30832 0.26700 0.33155 0.30064 0.17411 0.13137 0.09938 0.07537 0.05731 0.04368 0.03333 0.00421 31 0.73458 0 61031 0.54125 0.46511 0.39999 034423 0.29646 0.25550 022036 0.19018 0.16425 0.12277 0.09202 0.0015005710009935 0.00950 000351 40067165055126 0.45289 037243 0.30656 025257 0.208290.17193 0.14205 011746 009722 0.06671 0.04601 003114 0.03300 001538 0.01075 0.00065 Liit ezto.ct-media.mheducation.com G TABLE Future Value of an ordinary Annuity of FVA - 1-01) 3.016 1.54 116 . 1 00001 SI 18 1 8.04 10000 1:34 10000 2011 1049 00001 w 00001 00001 10000 60001 L. 1000 10100 3001 40004 T6000 20300 3000 B 2 3 7.04 10000 10100 3214 4.09 10000 20400 1210 43465 2040 10000 1100 20500 S. 10000 2050 3160 430 0060 20300 3.000 41 1.1300 1,0756 1000 13100 OLIE SUSTE VERE 10000 700 3244 45001 500 2030 31000 21 30 LCHE HE 6100 41525 VETI + | 4.27 1016 7751 45731 43745 ID 4.10 62311 4793 612 5 5 1010 511511 5.2010 5.256351091 54100 3.4701 $7507 HSS 61051 45 67169 7.3359 7.3154 113 6.0019 1430 6881 5.2009 7.5233 3004 SEITE 61001 0 6.1510 6.2296 3031 6377 8.4614 6.5503 6130 73210 7430 75474 76625 2.7794 7.8953 1 3.7101 38923 905122143 9 9.36 93593 9.7546 99545 101591 10.10 10:52 10 10.4632 10 7027 10 9497112014114639117514 12.0061 OCT LORE HETE 16G PICES 69753 3931 939 11490 111 7.1533 36540 10 11 9780 138164 30193 3800 10101 12212 Scott 27 9320 106166 124176 144566 12.9159 1 30 259587 11 0266 12 5779 112563 12754 114999 1357 15174 13.0310 15.1999 141040 167220 1471 175487 14.9716 15.7534 14.5835 163856 175603 201407 31.1504 19 17385 11 11.566 1863 12.1687 12.4835 12.507 13.1420 13.4564 12126825110412 13.4121 13.7956 14 1920 14 6020 15 025 13 13.809 14 2368 14.6803 15.1404 156178 16.1110 166365 14 149414 15.4504 15973916 5190 170863 17.6770 18 2019 15 16 0909 16 6821 17.2934 17.9319. 185989 19.2957 20 09:36 16.455 1971 214953 13.5412 14.2065 15.4649 159171 17.1599 17.7130 18.9321 193986 207541 21.5786 16 18321 21 0151 18.2168 29.2936 22.4007 996 18.5313 23843 24.5221 27.9750 317733 1600 B 19.5614 20.6541 22.7112 3413 26.2116 30.0949 3936 344054 172797 201400 22 5505 251290 24 2140 360192 19.3609 59.1955 7201 23 2760 TESTLE 42.7583 22.7193 24.7417 35.6735 26.212 17.4411 105 950 LITE 16 17.3579 179324 18.6393 19.3803 20.1569 20.9710 21.8345 17 18.4304 19.2014 20.0121 20.8647 21.7616 27050 = 23.6975 119.0147 204894 21.4123223863 234144244997 25 6454 19108109 21.7967 32 8406 239460251169 26.3572 276712 20 22.0190 23.1937 24.297435,542 26,870428 2797 29.7781 23.6575 75 5404 281324 30 5990 33 0650 26.8551 19 0636 313714 24.6411 269964 29 4812 331027 348653 30 9057 33.7600 27.8551 30.3343 308402 337502 33.9990 374502 37.3790 41.4463 109955 457620 33.0034 35.9497 369737 405947 413013 45592 460185 51.1591 51 1601 57 2750 44500 503959 569395 64.2023 35.7497 614397 720534 1361157 154 7400 16.7856 156 60 SCOOP 21 23.239 34.4705 25,7833 271833 25.676530.3695 31.9892 35.7193 37.7861 39.9917 448653 $0.4229 56.7645 723651 51.4987 30 347849 37.3387 40.568143.902747 5754 51 6227560549 610071 06:4388 72.4355 79 0532 944608 113.2032136 30751644910 199 0209241313111818816 40488864 542679604020 67 4026 75.401384550395.0255 107.0303 1207998 136.6056 1547620 199 6351 35905653378224 442 5926 581.3061 16708141542578 TABLE 4 Present Value of an ordinary Annuity of $1 1 PVA 1 W 2.54 3.59 1 2.04 0.98019 194156 0.96618 554 09787 1.09 091010 197010 294099 3.90197 2 LOW 060606060160 1.39 09852 1.95583 2.91220 185438 478264 1 1969 3 097561 191742 2.85602 176197 464583 3.046 097051 191347 237361 371710 457971 4.045 0.96154 111009 2.77500 362990 445182 4:54 095094 095338 187207 13591 2.74% 2.72125 3.58753 354595 438998 432945 130164 6.046 7044 3.61 0.015 113 1104 0910093458 2593 180002 17536 1.501 1554 1712531ATE 267301 7.602 2:57T1O 2511292400814417114010110011 346511 33872131213 3299723187100) 421236 410020 399771 3.51955790791659 166473 1971 4 307300 1 64632 3.69791 350515 4.27021 350773 4.71340 HOT TELEE 1 5 CHESS 4.51505 6 5.79545 5 60143 CESOS 5.07549 4.99553 467285 & 5.69719 659821 748593 8.30052 9.22218 6.72819 7.65165 3.56602 9.47130 6.47199 732545 3.10324 8 6.31939 717014 7.97087 5.41719 623028 7,01960 7.75011 8.53020 5337555 611454 6,87390 700769 831661 5.34214 600205 6.73274 743533 8 11090 5.19787 5.39270 659589 7.26879 571637 6.45321 5.61292 635457 491733 47654 558213 330929 620979 597130 65016965152 736009 702158 520631 5.7464 6.14659 671008 448591435536 413054 411141 11155 S6939547130417360419 5502 5334951401348764111716 39952579902 55705 4 6 41766 1657 1933 SI 6 710782 7.72173 6.95220 751763 10 898259 3.75206 791272 119063 11 10.36763 10.07112 9.75685 9.51431 9.25262 9.00155 8.76048 3.0934 12 11 25508 10 90751 10.57534 10 25776 995400 966333 938507 211858 136325 861652 13 1213374 11.73153 1134537 109831910634961030274 9.96565 965285 9.39357 9.11701 14 13.00370 12.50338 12.10625 11 69091 11.29607 1093052 10:56312 10 22283 989864 958965 15 13.86505 13.3432312 84926 12 38133 1193794 11 5174111 11839 10.73955 10.379661003758 7.85657 74967 7.13306 6.10519 64956 610452 3937700114 751001 7.16073 61 849236 419 3.35265 35765 70378 74710136 6101 6.43355 45136 92995 1.74547 7.78615238609695157 662817 6107 9.71225 9.10791 35594100069760608 719087 6310082567 16L PRESES 1908 16 14.71787 14.13126 13.57771 13.05500 12.56110 12.09412 11.65230 11.23401 10.88777 10.46216 10.10590 9.44645 335137 17 15.56225 14.90765 14 29187 1371220 13.16612 12 65132 12. 16567 11.70719 1127407 1086461 1047726 9.76322 9.12164 18 16 39827 15.67256 1499203 14 35336 13.75351 13.1898 12 65950 1215999 11.68959 11 2007 10.2760 10.0509 9371 19 17.22001 16.42617 15.67846 1497889 1432350 13.70984 13.13394 12 59329 12.08532 11.60765 1115812 1033560 9.00300 2015.04555 17168611635143 15.58916 14.87747 1421240 13.59033 13 00794 12.46221 1195058 11.46992 10.5401 981315 8.311567.52371737916 6.97599 4.72954 354363 3.02155 75479711963 414 5563 1201417701091174513 95011 3649273399 7.30576430150 912655 151356 156339746644 1401 21 15.85699 17.90014 17.01121 16.1845515.41503 14.60797 14.02916 19.40473 12.82115 12.27534 11.76405 1083553 10.01680929234 1.64500 1.750 15.30 25 22 02316 2071961 19 52346 18.42438 17:41315 16:48151 15.62205 1482821 14.09394 13.41393 1278336 1165358 1067478 9.00258 907104142124 014 759 30 25 80771 24.01584 2239646 20.93029 19.60044 183920517.29203 16.20389 15.37245 1453375 1376433_12.40904 1135778 1027365 42001 09379 it 4032834692991585 2735548 25.10278 23.11477 2135507 19 79277 1840158 17.15909 1604612 15.04630 1333171 1153461 10.75736 9.72905 295105 13074 TABLES. Future Value of an Annuity Due of $1 (1+1)-1 FVAD 1.55 3.0% 3:39 4.09 451 50 6.046 2.5% 10250 7.016 1104 1 1 OOCOT 10350 10450 10150 2.0453 10300 2.0909 0100 2.1216 32465 1.0500 21525 0001 7.016 10700 22149 1.0600 11136 8.01 10000 1464 10.04. 1 1000 23100 5545 10550 21610 3343 45811 11100 2.31 1.09 1 0100 2010: 3.0004 1010 51520 OLEEE 2001 1.100 26400 40 22751 30909 11.04 1 1300 21744 17793 51535 71152 3:5399 3.5061 20004 31216 2010 $3001 ISIS 20750 3.1523 42563 53877 3.2017 2.1002 2149 43625 55502 31816 43091 5.4054 1 3.2782 4.4707 FEST 44165 33101 4.5956 53019 33746 46371 39259 999 47507 6 1533 416 3.6110 5105 6.7155 4.917 65313 5 37290 5.6330 5.7169 53881 03359 69119 19299 1004 100255 ZSRCA LISO EHTE 7,0193 1500 9.6021 6 6.2135 6.12.30 6.5474 6.6615 6.7704 6.93 7 1025 75530 7.7361 7892 5593 L7540 19545 9.1591 9.3635 9.5825 9.4622 1027 9.9497 10.2014 104619 10.7314 11.0001 1010566 10103111687 114835 11.8078121420 124664 POSSO 7.1430 85491 100266 115779 7.1660 3.7210 102563 118754 135835 9.38 3.1975 10.4913 12.1.100 944540 9.2198 109730 12.5164 147016 79328 96366 114870 13.4550 1 14873 N.15 10415 10 1594 12.57951100 149374 15 7320 175312 18 5614 11.9159 15.491 197919 ON 11.1992 137757 58 547 19.6540 12.000 141929 16.00 6 CHIT 12.8413 156455 31.1900 TIPO ! ! SON Wort 14.4640149171 16.1599" 167110 179321 185906 19.7341 20 5786 21 7193 22 6575 11 11.4835 120412174121 11.796 13.1920 13.6070 14.0258 12 12 093 132168 13.6803 141404 146178 15.1110 15 6208 1) 1974 144504 14.9739 15 5190 10.086) 16.670. 17.2919 14 15 09615 0821 1694 169319 17.595918 2957 19.0336 15 162529 169334 17 693 183802 19 1569 19.9710208345 153856 15.0 16.408319.9171 19.1409 1720 1731 19.1400 20.4953 21.9534 192936 20 0151 215503 23319250192 21.4057 22760 241290361521 283609 236111 34.6725 263881 29 3343 703543 33527 269750 30.7225 21.7132 131331 252110 770291 11 1920 334054 16 1797 SE SI 11 0151 16-4001 27.3129 32.7503 43S 25.9964 28.4812 31 1027 299057 36.4502 65666 24.8404 27.1324 29 5390 33.0660 34 7193 16 17.4304 18.2014 19.0111 19.8647 20.7616 217050 22.975 3.7417 17116147 194894 20 4123213563 224144 23.4997246454 253551 1519 8109 20.7967 31.106 22.9460 24 1169 25 3572266712 28.0636 19210190 22.1217232974245447 258704 27.279778.7751 303714 20 22.2392 23.4705 2478326.1833 27 6765 292695 309092 32.7831 29.403 32.9990 36 3790 39.9955 327000 35.7856 35.9737 10.3013 45018 50.1601 557645 40-4463 H.7630 49.4229 39.5447 H5992 501591 562150 63.0025 559395 63.2038 478837 547497 630397 710520 30.0937 1049506 1271162 1537400 1856800 214056 333683 36.7561 9 38 9927 438852 712051 21 21.4716 24.8376 26.000 27.8629 29.5368 31.328933.2480 35 3034 37.5052 39.8643 42.923 48.0057 544565 61.8733 70.4017 30.2143 91.5626 2700307 3525256 30.5140 32.670915.011 375530100143 3117 46 5706 50 1135 53.9600 55 1564 67 6765 78.9544 9232401081818 126 98 149 3339 30 35 1327 38.1018 41 3794 45.0003 49.0027 53.4295583283 63 7524 69.7608 76.4194 33 8017 101 0230 122 3459 348.5752 180904 220 9132 270,2926 14112373 4049.3753 550819 61 6100 69.0876 77.6633575095 98.8265 1115467 1268395 1441189 1640473 213 60962797810368 2919 4863516 01552691591424 8512294 > TABLE Present Value of an Annuity Due of $1 PVAD (+1) 1.04 2.046 3.596 3.59 SUT SVOS 1.59 100000 1 1 00000 1 99010 100000 1909 3.04 100000 1.97057 291447 2 1952 TWIN 6006061 4.59 100000 100000 1914 195094 21609237367 3.77509 374895 462990 456753 197561 292742 335602 476197 3 60 7.04 100000 100000 I 90 91450 23339 3.6701 3.62412 446511 436721 100000 196613 2.19969 330164 4.67300 294156 3.04 9.046 100000 100000 191593 1917 278326 2.75911 157710 353129 43120 421972 291040 3.94099 490197 10.04. 11.09 12.04 18.01 100000 100000 100000 10000 113 2335542.7331600 37 34147534637134011310645 416987416245 405735 100000 195238 2.5941 3.72125 454595 2.95558 391220 100000 177 234632 169795 450515 19 5 TEST 410773 471710 5.5155 45152 9 CROSO CELESS 5.55343 7 6.79543 3 772019 9 5.78764 669719 7.59221 3.48593 9.30052 5.71346 564583 6.60143 747199 7.34999 132543 117014 91622497057 557971 6.4179 721028 5.01900 SOCOOL 53093 3945 6.15787 607562 689270 67632 759589 746321 3 1072 7.11454 787396 860769 OL 527038 21236 599553 668297658338 733457 7.30979 795220 70169 5.10070 499171 5.76654 5623 63929620837 697150 6.74666 7.51523 7.24619 4.79079 40590 4.60478 399 5.35536 521054511141 S5571220556646641 6.314936146125.96764 1716 6.70365370563501097 49 548592 601295 6.SH 699525 7.7324 9159 628973 10 956602 178011 119056 268156 11 10.47130 10.23215 995359 9.75706 9.53030 9.31661 9.11090 8.912738.72173 333763 3.3009 12 11367611107112 10.78685 1051421 10 25267 10.00155 9.7045 9.09.254 868657 13122550s 11 90751 1157534 11 25776 10 95400 10.66333 10:38507 10.11558 9.56325 9.61852 938354 14 13133141273153 12.3463711 9631111 63496 11 30274 10905651068255 10.19357 1011700 9.552 151400370 13.54338 13 106251269091229607 11.9205211563121122261 1089564 10.58905 10 2495 50358 7.71005 741766 7.14457 8935.60 19347 149867 1396 7.80519 149506730052 693770327105 05 5300 10073 7.81369749256 7.19437549922 9.1578 8901754 110336 7987742355 55 974547 9346024 87615 3.36609795117783317541037 WWESS 6 LEIST6 16 14.86505 14.34323 13.84936 1338138 12.93794 12.51741 12.118.10 11.73955 11.37966 1103758 1071215 10.10791 9.55945 9.60 3.600 1907 7.81036567547 17 15.71717 15.13126 1457771405500 13.56110 13.09412 13.65230 12 2340211 3777 1146216 11.1050 10.44665 227137916 79739572956 18 16 56325 15 90765 15291371471220 14.16612 13.65132 13.16567 12.70719 1227407 11 541 1147726 10765221012164 9.54363903155 354519 1157146 9.2014101614967511219 19 1739127 16.67256 1599203 15 35336 14.75351 14 18968 1365930 13.15999 12.68959 12.24607 1123760 11059 10.371899.75563 995011 20133601 1742617 1667546 15975915323801470954 1413394 13.59329 1308532 12.80765 12.15812 1133500 1060300 936492 929 736578 3430 1990. O 21 19.04555 18.16564 17.35143 16.58916 15.57747 1521140 14.59033 14.00794 15.46321 12.95035 12.46092 11.51401 18.51515 10.12855 9.51356 89605 40944 1958 2523343392103041 199139318834991793554 17.0583716.34696 15:49545 14.79864 14.5170 13550161240933 11 52878 9979140141843791710 30 26 065792437608234435 21.45355 20 18345 19.03577 1798371 17.02189 16 14107 1533310 14590721327767 1215841111911030961 96501190015 4033.163033036458 27902592573034 33.10122 22.103502058443 19 22960 15.01704 1692366 1594907 14.26193 1257858 11.72852 10. 993567 933301