A company borrowed $60,000 from the bank issued a six-month 8% note payable on Nov. 1. How much interest expense should be reported on the income statement for the year ended Dec. 31? $50,000 $800 $2,400 $4,800 Question 18 (5 points) Which of the following accounts is increased when a company pays for it? Notes Payable Equipment Yes, Yes No, No Yes, No No, Yes