DCL Industries purchased a supply of mechanical components from E Corporation on November 1, 2009. In payment for the $48,000 purchase, DCL 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%. The cost of the inventory to E Corporation was $43,000.

Lender:

Prepare the journal entry for E Corporations (Lender) sale of the components on November 1, 2009.

Prepare the journal entry for the first installment payment on November 30, 2009 by E Corporation (Lender).

Prepare the journal entry for the second installment payment on December 31, 2009 by E Corporation (Lender).