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Main Activity On January 1, 2018 Aggie Company purchased equipment with a list price of $23,000. They made a 20% cash down payment and financed the balance with an 8%, 4 -year note. Payments on the note are to be made semi-annually. 1. Determine interest expense to be reported on the Income Statement for the year ending December 31, 2018. a. $2,617 b. $1,392 c. $1,740 d. $1,472 e. $2,288 2. Determine the Carrying Value of the Note Payable as of December 31, 2018. a. $17,908 b. $22,314 c. $14,326 d. $23,000 e. $9,901