Amber Mining and Milling, Incorporated, contracted with Truax 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 $740,000, 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 20% was a reasonable rate of interest Required: 1-a. Complete the table below to determine the price of the equipment 1-b. Prepare the journal entry on January 1, 2024, for Truax Corporation's sale of the lathe. Assume Truax spent $540,000 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. Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Req LA Req 18 Req 2 Req 3 Complete the table below to determine the price of the equipment. Note: Round final answers to the nearest whole dollar. Table values are based on: % Cash Flow Amount Present Value Interest Principal Price of equipment: