Chapter 13, Problem 13.17SE

General accounting

Can you help me solve this general accounting question using the correct accounting procedures?

???

Provide answer me

Accounting

Choice correct answer

I need

Expert please given correct answer with accounting

LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2024. In payment for the $25.3 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 24%. 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, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2024? Note: Round intermediate calculations and final answers to the…