On January 1, 2021, AST Company sold an inventory costing P110,000 for P150,000. A 10% down payment was made and the balance payable in 4 equal installments of P33,750, payable semi-annually starting June 30 and December 31, 2021. The market rate of interest is 12%. (Round off present value factor to three decimal places). Selling expenses related with the installment sale is P5,000. How much is the net income related with the installment sale for the year ended 2021?

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?