Colton Snook's Problem (10 minutes) Colton started a business and needs a loan. He is borrowing $32,000 at a rate of 10% interest. He will make annual payments of $8,441.52 for five years. Build an amortization schedule and do the journal entries for the issuance of the loan and the first two interest payments. Payment # Payment Amount Reduction in Principal Interest Loan Balance Beg Bal 1 2 3 4 5 Issuance Payment #1 Payment #2