LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $25.0 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 24% FV of 51 PV of $1. FVA of $3 PVA of 51 FVAD of 51 and PVAD of 53 (Use appropriate factor(s) from the tables provided) Required: 1. & 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021. (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.) No 1 2 Date General Journal Notes payable November 01, 202 Inventory November 30, 202 expense Cash Req 1 and 2 Req3 > Debit Credit 25.000.000 25,000,000 500,000 1,065,400 2365,408