prepare Journal entries.

1. Record the purchase of the components (November 1, 2021)

2. Record the first installment payment.

For Part 2 show what is the amount of interest expense that LCD will report in it's income statement for the year ended December 31,2021?

Exercise 14-21 (Algo) Installment note [LO14-3] LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021 . In payment for the $257 million purchase, LCD issued a 1year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12% (FV of \$1. PV of \$1. FVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1) (Use oppropriate factor(s) from the tables provided.) Required: 1. \& 2. Prepare the journal entries for LCD's purchase of the components on November 1,2021 and the first installment payment on Novernber 30, 2021. 3. What is the amount of interest expense that LCD will report in its income statement for the year firded December 31,2021 ? Complete this question by entering your answers in the tabs below. Trepare the journat entries for LCD's purchase of the components on November 1,2021 and the first installment payment on November 30,2021 . (Enter your answers in whole dollars. If no entry is required for a transaction/event, select. "No journal entry reguired" in the first account field ) Prepare the journal entries for tcos purchase of the componernts on Wovember 1,2021 and the first instalirment payment on Novernber 30, 2021. \{Enter your answers in whole dollars, If no entry is reguired for a transactionfevent. select "No fournal entry required" in then first account Field; ) Journal entry worksheet 2 Record the purchase of the components, Mole; Enter debits tiefore aedits. Prepare the journat entries for L.CDs purchase of the components on November 1 , 2021 and the first instaliment payment on Novernber 30,2021 . (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) Journal enky worksheet LCD Industries purchased a supply of electronic components from Entel Corporation on November 1,2021 in payment for the $25.7 million purchase, LCD issued a 1-year instaliment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12\%.(FV of \$1. PV of \$1. FVA of \$1. PVA of \$1. FVAD of \$1 and PVAD of \$1) (Use oppropriate factor(s) from the tables provided.) Required: 1. \& 2. Prepare the journal entries for LCD's 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 ? Complete this question by ontering your answers in the tabs below. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31 , 20217 . (Enter your answer in whole dollars.)