LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2024. In payment for the $24.7 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?
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LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2024. In payment for the $24.7 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
3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2024?
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- On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2024. In payment for the $24.4 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) Complete this question by entering your answers in the tabs below. Req 1 and 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. Note: Enter your answers in whole dollars. If no entry is required for a…LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2024. In payment for the $25.1 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 12%. 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. FVAD 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…
- LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2024. In payment for the $25.1 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 12%. Questions: 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)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%.Required:1. Prepare the journal entry for LCD’s purchase of the components on November 1, 2021.2. Prepare the journal entry for 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 endedDecember 31, 2021?LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2018. Inpayment for the $24 million purchase, LCD issued a 1-year installment note to be paid in equal monthly paymentsat the end of each month. The payments include interest at the rate of 12%.Required:1. Prepare the journal entry for LCD’s purchase of the components on November 1, 2018.2. Prepare the journal entry for the first installment payment on November 30, 2018.3. What is the amount of interest expense that LCD will report in its income statement for the year endedDecember 31, 2018?
- Lilac Industries purchased a supply of electronic components from Norton Corporation on October 31, 2024. In payment for the $1,200,000 purchase, Lilac issued a 1-year installment note to be paid in equal monthly payments of $110,016 at the end of each month. The payments include interest at the rate of 18%. What is the amount of interest expense that Lilac will report in its income statement for the year ended December 31, 2024? $35,240. $34,620. $34,980. $36,000.Green Industries purchased a machine from Cyan Corporation on October 1, 2021. In payment for the $144,000 purchase, Green issued a one-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%. Monthly installment payments are closest to: Multiple Choice A. $12,000. B. $12,445. C. $12,668. D. $12,794.LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2021. In payment for the $25.2 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: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?
- LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2016. 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%. Required: 1. Prepare the journal entry for LCD’s purchase of the components on November 1, 2016. 2. Prepare the journal entry for the first installment payment on November 30, 2016. 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2016?Montiel Corporation purchased equipment from Welden Co., on January 1, 2023. In payment for $250,000 equipment, Montiel Corporation issued a 5-year note to be paid in five equal payments at the end of each year. The payments include interest at the rate of 8%. REQUIRED: Calculate the amount of each installment. Prepare the journal entry for purchase of equipment. Prepare the journal entries for the first two installment payments on December 31, 2023American Food Services, Incorporated, acquired a packaging machine from Barton and Barton Corporation. . Barton and Barton completed construction of the machine on January 1, 2024. In payment for the $4.9 million machine, American Food Services Issued a four-year Installment note to be paid in four equal payments at the end of each year. • The payments Include Interest at the rate of 12%. Required: 1. Prepare the journal entry for American Food Services purchase of the machine on January 1, 2024. 2. Prepare an amortization schedule for the four-year term of the installment note. 3. Prepare the journal entry for the first installment payment on December 31, 2024. 4. Prepare the Journal entry for the third Installment payment on December 31, 2026. 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) · Complete this question by entering your answers in the tabs below. Req 2 Req 1 3 and 4 Prepare an amortization schedule…
