Prepare the journal entry on January 1, 2021, for Truax Corporation's sale of the lathe. Assume Truax 5pent$600,000 to construct the lathe. (If no entry is required for a transactionvevent, select "No joumal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) Prepare an amortization schedule for the three-year term of the note. (Round intermediate the nearest whole dollar.) 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 $800,000, three-year note that specified 3% 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 11% was a reasonable rate of interest. (FV of \$1, PV of \$1. FVA of \$1, PVA of \$1, EVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required: 1.0. Complete the below table to prepare the company's journal entry 1.b. Prepare the joumal entry on January 1,2021, for Truax Corporation's sale of the lathe Assume Truax spent $600,000 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) poyment of the note at moturity for Truax. Complete this question by entering your answers in the tabs below. Complete the below table to prepare the company's journal entry. (Round final answers to the nearest whole dollan)