LCD 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 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 installment 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. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Req 1 and 2 Req 3 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. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 November 01, 2024 Inventory 24,000,000 Notes payable 24,000,000 2 November 30, 2024 Interest expense Notes payable Cash 240,000 1,892,370 2,132,370 < Req 1 and 2 Req 3 > Show less Req 1 and 2 Req 3 What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2024? Note: Enter your answer in whole dollars. 2024 interest expense < Req 1 and 2 Req 3