LCD Industries purchased a supply of electronic components from Gummy Corporation on November 1, 2021 In payment for the $24.4 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% Required: 1. & 2. Prepare the journal entries for LCD's purchase of the inventory) components on November 1, 2021 and the first installment payment on November 30, 2021. Hint you will need to compute the amount of each payment. 3. What is the amount of interest expense that LCD's will report in its income statement for the year ended December 31, 2021? Consider the effect of the November and December installment payments in 2021