On June 1, 2020, Cisco Company borrowed $48,000 from a local bank at an annual interest rate of 8 percent, and signed a note, payable on June 1, 2021. Interest on this note is also payable on June 1, 2021. Which of the following amounts should be reported as interest expense related to this note on Cisco's Income Statement for the year ended December 31, 2020? 1) $1,920.00 2) $2,240.00 3) $3,840.00 4) $0.00