CD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $25.4 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 12%

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 $ 505,460 View transaction list View journal entry worksheet 8 No Date General Journal Debit Credit November 01, 2021 Inventory 25,400,000 Notes payable 25,400,000 November 30, 2021 Notes payable 1,862,667 N Interest expense 254,000 Cash 2,116,667