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LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $24.1 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 18%.(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:
Question 1: Prepare the journal entries for LCD's purchase of the components on November 1, 2021 and the first installment payment on November 30, 2021.
Question 2: What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2021
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