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(Solution Download) Amber Mining and Milling, Inc., contracted with Truax Corporation to have constructed a custom-made


 

 

 

 

 

 

 

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, 2013. Amber paid for

 

the lathe by issuing a $600,000, three-year note that specified 6%

 

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 10% was a reasonable rate

 

of interest. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of

 

$1and PVAD of $1) (Use appropriate factor(s) from the

 

tables provided.)

 

 

  

 

 

 

 

 

 

 

Required:

 

 

 

 

 

 

 

 

1.1

 

Complete the below table to prepare the company's journal

 

entry.

 

 

 

 

 

 

 

 

1.2

 

Prepare the journal entry on January 1, 2013, for Amber Mining

 

and MillingAc??cs purchase of the lathe

 

 

 

Prepare an amortization schedule for the three-year term of the

 

note.

 

Prepare the journal entries to record (a) interest for each of

 

the three years and (b) payment of the note at maturity

 

 


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