naty Mindlap - Crngage Poconnectin Home Chegg.com Dashboard Main Applicant Comele All Files Powered Cone Bell Facing list amework Seved Help Save & Exit Submit 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, 2021. Amber pald for the lathe by issuing a $600,000, three-year note that specified 6% 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 10% was a reasonable rate of interest. (FV of $1. PV of $1. EVA of $1. PVA of $1 EVAD of $1 and PVAD of $1 (Use oppropriate factor(s) from the tables provided.) Required: 1-6. 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. HA no nen arch ET N 82F AQI 64 1037 AM 8/8/2021 Add naty Mindlap - Crngage Poconnectin Home Chegg.com Dashboard Main Applicant Comele All Files Powered Cone Bell Facing list amework Seved Help Save & Exit Submit 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, 2021. Amber pald for the lathe by issuing a $600,000, three-year note that specified 6% 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 10% was a reasonable rate of interest. (FV of $1. PV of $1. EVA of $1. PVA of $1 EVAD of $1 and PVAD of $1 (Use oppropriate factor(s) from the tables provided.) Required: 1-6. 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. HA no nen arch ET N 82F AQI 64 1037 AM 8/8/2021 Add