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%. Required: 1. & 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2024 and the first installment payment on November 30, 2024. 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2024? Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Prepare the journal entries for LCD's purchase of the components on November 1, 2024 and the first installment payment on November 30, 2024. Note: 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 Record the purchase of the components. > Show less A
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%. Required: 1. & 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2024 and the first installment payment on November 30, 2024. 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2024? Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Prepare the journal entries for LCD's purchase of the components on November 1, 2024 and the first installment payment on November 30, 2024. Note: 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 Record the purchase of the components. > Show less A
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Do not give answer in image formate
Transcribed Image Text:LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2024. In payment for the $25.8
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%.
Required:
1. & 2. Prepare the journal entries for LCD's purchase of the components on November 1, 2024 and the first installment payment on
November 30, 2024.
3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2024?
Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1)
Complete this question by entering your answers in the tabs below.
Req 1 and 2
Req 3
Prepare the journal entries for LCD's purchase of the components on November 1, 2024 and the first installment payment on November
30, 2024.
Note: 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
Record the purchase of the components.
Show less A
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