Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at required for a transaction/event, select "No journal entry required" in the first account field. Round intermed answers to the nearest whole dollar.) View transaction list ts eBook Journal entry worksheet Hint Print Record the interest in year 2. ferences Note: Enter debits before credits. Event General Journal Debit Credit 2 View general journal Record entry Clear entry 4 of 10 Next Wonnect Close Browser The Blackboard Learn Course Content - 2. X xFinity | Portal Citing a Website in.. Unit 3 AS: Exercises and Problems (Connect) i Saved 4 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 $850,000, three-year note that specified 4% interest, payable annually on December 31 of each year. The cash market price of the lathe was unknown. It was determined by 7 comparison with similar transactions that 9% was a reasonable rate of interest. (FV of $1, PV of $1, EVA of $1, PVA of $1, EVAD of $1 and points PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: eBook 1-a. Complete the table below to determine the price of the equipment. Hint 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. Print 3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity. References Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 2 Req 3 Complete the table below to determine the price of the equipment. (Round final answers to the nearest whole dollar.) Table values are based on: n = 1 = Cash Flow Amount Present Value Interest Principal Mc Graw Prev 14 of 10 Next > e here to search OPrepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calc answers to the nearest whole dollar.) 7 View transaction list points eBook Journal entry worksheet Hint 3 Print Record the interest in year 1. References Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Mc Prev 4 of 10 Next > Graw e here to search O4 3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note Complete this question by entering your answ points Req 1A Req 1B Req 2 Req 3 eBook Prepare an amortization schedule for the three-year term of the note. (Round intermediate calculations and final Hint the nearest whole dollar.) Print Cash Payment Effective Increase in Outstanding Interest Balance Balance References Tota Req 1B Reg 3 Mc 10 Next Graw\fView transaction list Journal entry worksheet Record the Amber Mining and Milling's purchase of the lathe. ices Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear emmy View general journalCourse Content - 2... X xFinity | Portal Citing a Website in.. Unit 3 AS: Exercises and Problems (Connect) i Saved 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, EVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: points 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. eBook 3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity. Hint Complete this question by entering your answers in the tabs below. Print References Req 1A Req 1B Req 2 Req 3 Complete the table below to determine the price of the equipment. (Round final answers to the nearest whole dollar.) Table values are based on: n = i = Cash Flow Amount Present Value Interest Principal Price of equipment Req 1B > Prev 4 of 10 Next > Mc Graw 53 here to search O