Please help me with questions 7 and 8.

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 $900,000, three-year note that specifled 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 8% was a reasonable rate of interest. Required: 1-a. Complete the table below to determine the price of the equipment. 1.b. Prepare the journal entry on January 1, 2024, 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. Note: Use tables, Excel, or a financial calculator. (EV of \$1. PV of \$1. EVA of \$1. PVA of S1. EVAD of $1 and PVAD of S1] 1-b. Prepare the journal entry on January 1, 2024, for Amber Mining and Milling's purchase of the 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 Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD 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 answers to the nearest whole dollar. Round your percentage answer in one decimal Prepare the journal entry on January 1, 2024, for Amber Mining and Milling's purchase of the lathe. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round calculations and final answers to the nearest whole dollar. 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the journal entry on January 1, 2024, 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 Note: Use tables, Excel, or a financial calculator. (FV of $1,PV of $1, FVA of $1,PVA of $1,EVAD of $1 and PV Complete this question by entering your answers in the tabs below. Prepare an amortization schedule for the three-year term of the note. Note: Round intermediate calculations and final answers to the nearest whole dollar. Journal entry worksheet 2 3 4 Record the interest in year 1. American Food Services, Incorporated, acquired a packaging machine from Barton and Barton Corporation. - Barton and Barton completed construction of the machine on January 1,2024. - In payment for the $4.5 million machine, American Food Services issued a four-year installment note to be paid in four equal payments at the end of each yeat. - The payments include interest at the rate of 10%. Required: 1. Prepare the journat entry for American Food Services' purchase of the machine on January 1,2024. 2. Prepare an amortization schedule for the four-year term of the installment note. 3. Prepare the journal entry for the first instaliment payment on December 31, 2024 4. Prepare the journal entry for the third instaliment payment on December 31,2026 3. Prepare the journal entry for the first installment payment on December 31, 2024. 4. Prepare the journal entry for the third instaliment payment on December 31, 2026. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD o Complete this question by entering your answers in the tabs below. Prepare an amortization schedule for the four-year term of the instaliment note. Note: Round intermediate calculations and final answers to the nearest whole dollar. Journal entry worksheet Record the purchase of the machine on January 1, 2024. Note: Enter debits before credits