LCD Industries purchased a supply of electronic components from Entel Corportation on November 1, 2021. In payments for the 24 million purchases, LCD issued a 1 year note to be paid in equal monthly payments at the end of each month. the payments include interest at the rate of 12%

Prepare an amortization schedule for the year of the installment note using a Texas Instruments BA 2 Financial Calculator and calculate the amount of interest expense that LCD will report in its income statement for the year end December 31, 2021.