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question lcd industries purchased a supply of electronic components fromentel corpor 4294020

Question

LCD Industries purchased a supply of electronic components fromEntel Corporation on November 1, 2013. In payment for the $37million purchase, LCD issued a 1-year installment note to be paidin equal monthly payments at the end of each month. The paymentsinclude interest at the rate of 12%. (FV of $1, PV of $1, FVA of$1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriatefactor(s) from the tables provided.)

Required:

1.

Prepare the journal entry for LCD’s purchase of the componentson November 1, 2013. (Enter your answers in whole dollars.If no entry is required for a transaction, select “No journal entryrequired” in the first account field.)

2.

Prepare the journal entry for the first installment payment onNovember 30, 2013. (Enter your answers in whole dollars. Ifno entry is required for a transaction, select “No journal entryrequired” in the first account field.)

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