Exercise 14-18 (Algo) Note with unrealistic interest rate; lender; amortization schedule (LO14-3) 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 $800,000, 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 11% was a reasonable rate of interest. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of S1 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 $600,000 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. Reg 1A Reg 1B Reg 2 Req3 Complete the below table to prepare the company's journal entry. (Round final answers to the nearest whole dollan). Table values are based on: Present Value Cash Flow Amount Interest Principal Price of equipment Reg 10 >