CD Industries purchased a supply of electronic components from Entel Corporation on November $1,2024.$ In payment for the $$24$ million purchase, LCD issued a $1-$year installment note to be paid in equal monthly payments at the end of each month. The payments nclude interest at the rate of $12\%.$Required:$1.82.$ Prepare the journal entries for LCD$\text{'}$s purchase of the components on November $1,2024$ and the first installment payment on November $30,2024\mathrm{.}3.$ What is the amount of interest expense that LCD will report in its income statement for the year ended December $31,2024?$Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of S$1,$ EVAD of $$1$ and PVAD of $$1)$