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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 $750,000, three-year note that specified 5% 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 9% was a reasonable rate of interest (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the journal entry on January 1, 2021, 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. 6 arded Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 2 Req3 Complete the table below to determine the price of the equipment. (Round inal answers to the nearest whole dollar) Table values are based on: 3 9.0% Cash Flow Amount Interest s 30,000 $ Principal $ 750,000 Price of equipment Present Value 75,939 579,136 655,074 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 $750,000, three-year note that specified 5% 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 9% was a reasonable rate of interest. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the journal entry on January 1, 2021, 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. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 2 Req3 Prepare the journal entry on January 1, 2021, for Amber Mining and Milling's purchase of the lathe. (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) No Dato General Journal Debit Credit 1 January 01, 2021 Equipment 655,074 Discount on notes payable 94,926 Bonds payable 750,000 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 $750,000, three-year note that specified 5% 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 9% was a reasonable rate of interest. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Required: 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the journal entry on January 1, 2021, 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. ed Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Req 2 Reg 3 Prepare an amortization schedule for the three-year term of the note. (Round intermediate calculations and final answers to the nearest whole dollar) Cash Payment Effective Interest Increase in Balance Outstanding Balance $ 655,074 684,031 715,594 750,000 1 $ 2 30,000 $ 30,000 30,000 90,000 58,957 S 61,563 X 64,406 184,926 S 28.957 31,563 34,406 94,926 3 Total Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity. (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.) No Event General Journal Debit Credit 1 1 58,957 x Interest expense Discount on notes payable Cash 28,957 30,000 OOO OOO 2 2 61,563 > Interest expense Discount on notes payable Cash 31,563 30,000 3 3 64,403 Interest expense Discount on notos payable Cash DOO 34,407 3,000 4 4 750,000 Notes payable Cash 750,000