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On November 1, 2019 Igel Construction purchased a 2005 John Deere 310SG backhoe loader for $29,700 including shipping charges. Igel has three options for financing the purchase: 1) a 12-month, 6% installment note with the first payment due on December 1, 2019, 2) a 12-month, 6% interest bearing note with interest and principal due on October 31, 2020, and 3) a 12-month, 6% non-interest bearing note due on October 31, 2020. Interest on the interest bearing and non-interest bearing notes is compounded monthly. Required: For each option, show what would be reported on comparative balance sheets, income statements and statements of cash flow for the years ending December 31, 2019 and 2020 related to the notes. Show the statement of cash flow information using the direct method. On November 1, 2019 Igel Construction purchased a 2005 John Deere 310SG backhoe loader for $29,700 including shipping charges. Igel has three options for financing the purchase: 1) a 12-month, 6% installment note with the first payment due on December 1, 2019, 2) a 12-month, 6% interest bearing note with interest and principal due on October 31, 2020, and 3) a 12-month, 6% non-interest bearing note due on October 31, 2020. Interest on the interest bearing and non-interest bearing notes is compounded monthly. Required: For each option, show what would be reported on comparative balance sheets, income statements and statements of cash flow for the years ending December 31, 2019 and 2020 related to the notes. Show the statement of cash flow information using the direct method

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