I just need you to answer question 2

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, 2016. Amber paid for the lathe by issuing a $650,000, three-year note that specified 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 12% was a reasonable rate of interest. (FV of $1, PV of $1, FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) nd PVAD of St)own r si ayable annuabepd for custom-made Required: 1-a. Complete the table below to determine the price of the equipment Table values are based on: 12.0% Cash Flow Interest Principal Amount Present Value 32,500 $ 78,059 462,657 540,716 $650,000 Price of machinery 1-b. Prepare the journal entry on January 1, 2016, for Amber Mining and Milling's purchase of the lathe. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the Amber Mining and Milling's purchase of the lathe