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Cowboy Sales, Inc. started a business by issuing a $200,000 face value note to Stillwater State Bank on January 1, 2017. The note had a 6 percent annual rate of interest and a five-year term. Payments of $47,479 are to be made each December 31 for five years.

How much interest expense will be reported in 2017?	$
What is the balance due on this note at January 1, 2018?	$
How much interest expense will be reported in 2018?	$
What is the balance due on this note at January 1, 2019?	$

Cowboy Sales also had outstanding 5,000 shares of $100 par value, 5% preferred stock. The stock was originally issued in 2016 for $750,000. Assume Cowboy pays the full dividend due to these shareholders in 2017. By what amount will retained earnings decrease as a result of declaration of this dividend?

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