Exercise 14-21 (Algo) Instaliment note; financial statement effects [LO14-3] LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2024. in payment for the $25.4 million purchase, LCD issued a hyear instaliment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12% Required: 1. \& 2. Prepare the journal entries for LCD's purchase of the components on November 1,2024 and the first instaliment payment on November 30,2024 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. (EV of S1. PV of S1. EVA of \$1. PVA of \$1. FVAD of S1 and PVAD of S1) Complete this question by entering your answers in the tabs below. Prepare the joumal entries for LCD's purchase of the components on November 1, 2024 and the first installment payment on Novernber 30,2024. Note: Enter your answers in whole dollars. It no entry is required for a transaction/event, select "No fournal entry required" in the first sccount field