Problem 6 Cowboy Sales, Inc. started a business by issuing a $200,000 face value note to five-year term. Payments of $47,479 are to be made each December i Tor State Bank on January 1, 2017. The note had a 6 percent annual rate of interest and a 31 for five years. 1. How much interest expense will be 2. What is the balance due on this 3. How much interest expense will be 4. What is the balance due on this reported in 20172 note at January 1.20182 reported in 2018? note at January 1,20192 s 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