LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In...

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LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $24.7 million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 24%.(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.) Required: 1. & 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021. 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 Record the purchase of the components. Note: Enter debits before credits. Date eral urnal Debit Credit November 01, 2021 2 Record the first installment payment. wwwwwww* Note: Enter debits before credits. Date General Journal Debit Credit November 30, 2021 Req 1 and 2 Req 3 What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? (Enter your answer in whole dollars.) 2021 interest expense LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $24.7 million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 24%.(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.) Required: 1. & 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021. 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 Record the purchase of the components. Note: Enter debits before credits. Date eral urnal Debit Credit November 01, 2021 2 Record the first installment payment. wwwwwww* Note: Enter debits before credits. Date General Journal Debit Credit November 30, 2021 Req 1 and 2 Req 3 What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? (Enter your answer in whole dollars.) 2021 interest expense

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