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 comparison with similar transactions that 9% was a reasonable rate of interest. (EV of $1. PV of $1. EVA of $1, PVA of $1. EVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Required: 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. 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 Reg 1A Reg 2 Reg Complete 92 determine the (Round final answers to the nearest whole dollar.) Table values are based on: Cash Flow Amount Present Value res Principal Price of equip Req 1A Reg 1B Req 2 Req3 Prepare the journal entry on January 1, 2021, for Amber Mining and Milling's purchase of the lathe transaction/event, select "No journal entry required" in the first account field. Round intermediate nearest whole dollar.) View transaction list Journal entry worksheet Record the Amber Mining and Milling's purchase of the lathe. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry compieCU CITU Trauy TUI USE UIT January 1, ZULI. MIVEi palu TUI LE TALE Uy issuu interest, payable annually on December 31 of each year. The cash market price oft comparison with similar transactions that 9% was a reasonable rate of interest. (FV PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 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 pur 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 Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 2 Req 3 Prepare an amortization schedule for the three-year term of the note. (Round intermedi the nearest whole dollar.) Cash Payment Effective Interest Increase in Balance Outstanding Balance Total