CD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2024. In payment for nillion purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The nclude interest at the rate of 24%. Required: . \& 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2024 and the first installment pay November 30, 2024. [Note to Mason student: you need to calculate the monthly installment payment.] 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 202 Vote: Use the PV table to calculate the monthly cash payment: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and P Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the journal entries for LCD's purchase of the components on November 1, 2024 and the first installment payment on November 30, 2024. Note: 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. CD Industries purchased a supply of electronic components from Entel Corporation on November 1,2024 . 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 nclude interest at the rate of 24%. Required: 1. \& 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2024 and the first installment payment on Vovember 30, 2024. [Note to Mason student: you need to calculate the monthly installment payment.] 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2024? Vote: Use the PV table to calculate the monthly cash payment: (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. 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