Crimson Industries purchased a supply of electronic components from Entel Corporation on November 1,2018. In payment for the $27M purchase. Crimson issued a 16 month installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 24%.

Required: Round to the nearest dollar

1. prepare the journal entry for crimson 's purchase of the components on November 1, 2018.

2. Calculate the amount of the monthly payment

3. Prepare the journal entry for the first installment payment on November 30,2018

4.calculate the amount of interest expense that crimpson will report in its income statement for the year ended December 31,2018?