h. 14: Exercises 2-3, 5, 9, 11, 13, 15, 17-18, 21, 23,.. Saved Help Save & Exit Submit 8 Check my work 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, 2018, Amber paid for the lathe by issuing a $650,000, three-year note that specified 4% interest, payable annually on December 31 of each year. The cash m comparison with similar transactions that 9% was a reasonable rate of interest ( PVAD of $1) (Use appropriate factor(s) from the tables provided.) arket price of the lathe was unknown. It was determined by 0 oints ROSI, PyofSLEVAof $1, PVAofSLEVADOfS1 and 014747 Required: 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the journal entry on January 1, 2018, 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. Skipped eBook Hint Print References Complete this question by entering your answers in the tabs below Req 3 Req 1A Complete the table below to determine the price of the equipment. (Round final answers to the nearest whole dollar.) Table values are based on Req 1B Req 2 ash Flow Amount Present Value is 17-18 21 , 23 , , , Saved Help Save & Exit S 8 Check my Required 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the journal entry on January 1, 2018, for Amber Mining and Milling's purchase of the lathe. 2. Prepare an amortization schedule for the three-year term of the note. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity ts 01:46:55 Complete this question by entering your answers in the tabs below Skipped Req 1A Req 1B Req 2 Req 3 eBook Hint Print eferences Prepare an amortization schedule for the three-year term of the note. (Round final answers to the nearest whole dollar.) Increase in Outstanding Effective Cash PaymentInterest Balance Balance 2 3 Total Req 3 > Req 1B Help Save & Exit Subr 8 3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity Check my work Complete this question by entering your answers in the tabs below 10 points Req 1A Req 1B Req 2 Req 3 01:46:37 Prepare the journal entries to record (a) interest for each of the three years and payment of the note at maturity. aroenry s required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar.) Skipped eBook View transaction list Hint Print References 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