LCD Industries purchased a supply of electronic components from Entel Corporation on November $1,2024.$ In payment for the $$24\mathrm{.}9$ 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 $18\%.$Required:$1.$ Record the purchase of the components$\mathrm{.}2.$ Record the first installment payment$\mathrm{.}3.$ What is the amount of interest expense that LCD will report in its income statement for the year ended December $31,2024?$