Kimmel Company is a construction company and is about to embark on a large apartment building. They have approached their bank, Bank of Montreal, for a $10,800,000 loan at 3% interest, repayable over 15 years. Funds were received December 31, 2020; the same day as their corporate year end. Assume all monthly loan payments are made on the first day of the following month (for example, January interest and principle payments would be recorded in January, but paid February 1st). Required: 1. Using the Fixed principle payment method, prepare a loan amortization schedule for the year 2021 2. Record the journal entry for loan at the end of January, 2021 (round to the nearest dollar). 3. Record the journal entry for the loan payment February, 2021 (round to the nearest dollar). 4. What is the total interest expense for 2021? Start Principle Interest Principle Payment End Principle January 10,800,000 February March April May June July August September October November December