Semester Case - Cowboy Ice Cream, Inc. (CIC) Last class period we discussed a possible expansion by CIC whereby they would purchase a building, land, and new equipment. In order to finance such an expansion CIC would borrow $800.000. CIC currently considering possible options for this borrowing. Prepare amortization schedules for each of the following rounding all computations to the nearest whole dollar Assume 8% interest applies to each option and all borrowings would originate on January 1 2019. Option el issue a note with the principal and interest due in 18 months. Interest and principal are payable In cash on June 30, 2020. Option 2 issue a note with the principal due in 5 years with interest payable annually on December 31. issue a note to repay $160,000 of the principal due each year on December 31 for 5 years along with the annual interest due. Option 4 Issue a note to make equal annual payments of $200.365 each year on December 31 for 5 years. Option 3 Qation Year Pmt Total Cash Paid Balance January $800.000 Interest Expense Principal Reduction Balance December 31 2019 1 2020 2 2021 3 2022 4 the 2023 5 Option 2 Pmt Year Balance January 1 $800.000 Total Cash Pald Interest Expense Principal Reduction Balance December 31 2019 1 2020 2 2021 3 2022 4 2023 5 Option 3 Pmt Year Balance January 1 $800.000 Total Cash Paid Interest Expense Principal Reduction Balance December 31 2019 1 2020 2 2021 3 2022 4 2023 5 Option 4 Pmt Total Cash Paid Principal Reduction Interest Expense Year Balance December 31 Balance January $800.000 2019 2020 WN - - 2021 2022 2023