ADP Industries purchased a piece of Laser Equipment from Zhang Corporation on November 1, 2021. In payment for the $48,000 purchase, ADP issued a one-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%. Required: 1. Prepare the journal entry for ADP's purchase of the equipment on November 1, 2021. 2. Prepare the journal entry for the first installment payment on November 30, 2021. 3. What is the amount of interest expense that ADP will report in its income statement for the year ended December 31, 2021?