100 Check my waite LCD Industries purchased a supply of electronic components from Entel Corporation...
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100 Check my waite LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $24 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 12% (FV of $1. PV of $1. FVA of $1. PVA of S1. EVAD of S1 and PVAD of $1 (Use appropriate factor(s) from the tables provided) Required: 1.8 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 entering your answers in the tabs below. Req 1 and 2 Req3 Prepare the journal entries for co's purchase of the components on November 1, 2021 and the first instaliment payment on November 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 field.) View transaction list Journal entry worksheet 1 2
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