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 $800,000, 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 11% 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 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. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Req 1A Req 1B Req 2 Req 3 Complete the table below to determine the price of the equipment. Note: Round final answers to the nearest whole dollar. Round your percentage answer in one decimal place. Table values are based on: n = i= % Cash Flow Amount Present Value Interest Principal Price of equipment < Req 1A Req 1B > Prepare the journal entry on January 1, 2024, for Amber Mining and Milling's purchase of the lathe. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first acc calculations and final answers to the nearest whole dollar. View transaction list Journal entry worksheet < 1 Record the Amber Mining and Milling's purchase of the lathe. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Req 1A Req 1B Req 2 Req 3 Prepare an amortization schedule for the three-year term of the note. Note: Round intermediate calculations and final answers to the nearest whole dollar. Year Cash Payment Effective Interest Increase in Balance Outstanding Balance + 1 2 3 Total Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar. View transaction list Journal entry worksheet 2 3 4 Record the interest in year 1. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal