Laurel, Inc. contracted with Tidewater Corporation to have constructed a custom-made lathe. The machine was completed and ready for use on January 1, 2021. Laurel paid for the lathe by issuing a $400,000 note due in three years. Interest, specified at 4%, was payable annually on December 31 of each year. The cash market price of the late was unknown. It was determined by comparison with similar transactions for which 8% was a reasonable rate of Interest Laurel uses the effective interest method of amortization (EY of $1. PV OLS1. EVA OC SI. PVA S1. EVAD of S1 and PVAD 5.1) (Use appropriate factoris) from the tables provided) Required: 1. Prepare the journal entry on January 1, 2021, for Lourer's purchase of the othe. 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. Hequred tequired2 Hequirt 3 Prepare the foumal entry on January 2, 2021, for Laure's purchase of the lathe. (1 no entry is required for a transaction/event, it "No journal entry required in the fint account fel) View transactions Journal entry worksheet 1