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:

& $2.$ Prepare the journal entries for LCD$\text{'}$s purchase of the components on November $1,2024$ and the first installment payment on November $30,2024.$

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)$

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

Req $1$ and $2$

Prepare the journal entries for LCD$\text{'}$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.

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