LCD Industries purchased a supply of electronic components from Entel Corporation on November $1,2024.$ In payment for the $$24\mathrm{.}9$ million purchase, LCD issued a $1-$year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of $18\%.$Required:$1.$ & $2.$ Prepare the journal entries for LCDs purchase of the components on November $1,2024$ and the first installment payment on November $30,2024\mathrm{.}3.$ What is the amount of interest expense that LCD will report in its income statement for the year ended December $31,2024?$Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Brief Exercise $14-11($Algo$)$ Installment note $[$LO$14-3]$

On January $1,$ a company borrowed cash by issuing a $$450,000,8\%,$ installment note to be paid in three equal payments at the end of each year beginning December $31.$

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)$

What would be the amount of each installment?

Prepare an amortization table for the installment note.

Prepare the journal entry for the second installment payment.

Complete this question by entering your answers in the tabs below.

Annual

Amortization

General

Payment

Journal

What would be the amount of each installment?

Note: Round your final answer to the nearest whole dollar.

Annual Payment