LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $24.7 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 $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. & 2. Prepare the journal entries for LCDs 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?

please help me with my req 3 because it said it's wrong. But my req 1 and 2 is correct. I am not sure where my req 3 is wrong. thank you

Req 1 and 2 Reg 3 Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on Novem! 30, 2021. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in th first account field.) View transaction list View journal entry worksheet No General Journal Debit Credit Date November 01, 2021 1 Inventory 24,700,000 Notes payable 24,700,000 2. November 30, 2021 Interest expense 494,000 Notes payable 1,841,622 Cash 2,335,622 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? Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021? (Enter your answer in whole dollars.) 2021 interest expense $ 941,288