Nittany Inc. purchased a supply of mechanical components from Green Corporation on November 1, 2021. In payment for the $48,000 purchase, Nittany Inc. issued a one-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: 1. Prepare the journal entry for Nittany Inc's purchase of the components on November 1, 2021. 2. Prepare the journal entry for the first installment payment on November 30, 2021. 3. What is the amount of interest expense that Nittany will report in its income statement for the year ended December 31, 2021