$14\mathrm{.}2$ LCD Industries purchased a supply of electronic components from Entel Corporation on November $1,2024.$ In payment for the $$25\mathrm{.}2$ LCD Industries purchased a supply of electronic components from Entel Corporation on November $1,2024.$ In payment for the $$25\mathrm{.}2$

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 $18\%.$

Required:

& $2.$ Prepare the journal entries for LCD$\text{'}$s purchase of the components on November $1,2024$ and the first installment payment on

November $30,2024.$

What is the amount of interest expense that LCD will report in its income statement for the year ended December $31,2024?$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Req $3$

What is the amount of interest expense that LCD will report in its income statement for the year ended December $31,2024?$

Note: Round intermediate calculations and final answers to the nearest whole dollar.

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 $18\%.$

Required:

& $2.$ Prepare the journal entries for LCD$\text{'}$s purchase of the components on November $1,2024$ and the first installment payment on

November $30,2024.$

What is the amount of interest expense that LCD will report in its income statement for the year ended December $31,2024?$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$PVA of $$1,$FVAD of $$1$ and PVAD of $$1)$

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Req $1$ and $2$

What is the amount of interest expense that LCD will report in its income statement for the year ended December $31,2024?$

Note: Round intermediate calculations and final answers to the nearest whole dollar.