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, 2016. Amber paid for the lathe by issuing a $720,000, 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 20% 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.

******* I NEED HELP WITH THE ANSWERS THAT ARE INCORRECT AND THE ONES I LEFT BLANK ******

PLEASE & THANK YOU

1-b.	Prepare the journal entry on January 1, 2016, for Truax Corporations sale of the lathe. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

(I need help with all the journal entries)

Table values are based on: 3 20.0% $ Cash Flow Amount Interest $ 28,800 Principal $ 720,000 Price of machinery Present Value 416,663 60,664 477,327 $ No Credit Date General Journal January 01, 2016 Equipment Discount on notes payable Notes payable Debit 477,328 720,000 2. Prepare an amortization schedule for the three-year term of the note. Answer is complete and correct. Cash Payment Effective Interest Increase in Balance Outstanding Balance $ 28,800 $ 95,466S 28,800 108,799 28,800124,807 86,400 S 329,072 66,666 79,999 9 6,007 242,672 477,328 543,994 623,993 720,000 Total $ S View transaction list 1 Record the interest in year 1. 2 Record the interest in year 2. 3 Record the interest in year 3. 4 Record the payment of the note at maturity. Credit Note : = journal entry has been entered Record entry Clear entry View general journal