Record the interest in year 1. Note: Enter debits before credits. \begin{tabular}{|c|c|c|c|} \hline Event & General Journal & Debit & Credit \\ \hline 1 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Record entry Clear entry View general journal Record the payment of the note at maturity. Note: Enter debits before credits. Record the Amber Mining and Milling's purchase of the lathe. Note: Enter debits before credits. Prepare an amortization schedule for the three-year term of the note. Note: Round intermediate calculations and final answers to the nearest whole dollar. Record the interest in year 2 . Note: Enter debits before credits. 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 $650,000, three-year note that specified 4% interest, payable annually on Decemb 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. 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. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and Complete this question by entering your answers in the tabs below. Record the interest in year 3. Note: Enter debits before credits