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 $400,000, three-year note that specified 4% interest, payable annually on December 31 each year. - The cash market price of the lathe was unknown. - It was determined by comparison with similar transactions that 10% 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 $200,000 to constr 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. (FV of \$1, PV of \$1. EVA of S1. PVA of S1. EVAD of \$1 and PVAD of S1) Complete this question by entering your answers in the tabs below. Complete the table below to determine the price of the equipment