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Amber Mining and Milling. Incorporated, contracted with Truax Corporation to have constructed a custom-made lathe - The machine was completed and ready for use on January 1, 2024. - Amber paid for the lathe by issuing a $760,000, three-year note that specified 4% interest. payable annually on December 31 of each year - The cash market pice of the lathe was unknown. - It was determined by comparison with similar transactions that 20% was a reasonable rate of interest. Required: 1-a. Complete the table below to delemine the price of the equipment. 1.b. Prepare the journal entry on January 1, 2024, for Truax Corporation's sale of the lathe. Assume Truax spent $560.000 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. Note: Use tobles, Excel, or o financial calculator. EV of S1. PV of S1. EVA ofS1, PVA of S1, EVAD of S1 and PVAD of S1) Complete this question by entering your answers in the tabs below. Complete the table below to determine the price of the equipment. Note: Round final arswers to the nearest whole dollar. Prepare the Journal entry on January 1, 2024, for Truax Corporation's sale of the lathe. Assume Truax spent $560,000 to construct the lathe. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Round intermediate caiculators and final answers to the nearest whole dollar. Complete this question by entering your answers in the tabs below. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity for Truax. Note If no entry is required for a transaction/event, select "No jourral entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar