11) On December 31, 2020 Nittany Inc. issues a 6-year, $10,000,000 note at LIBOR (floating rate), with interest paid annually beginning on December 31, 2021. The LIBOR rate is updated at the end of each year depending on market conditions. LIBOR rate on December 31, 2020 is 5%. Nittany prefers fixed-rate financing and enters into an interest rate swap to pay 5% and receive LIBOR based on the loan amount of $10,000,000. Required: 1) The LIBOR rate is updated to 6% on December 31, 2021. What entries does Nittany make on December 31, 2021 related to the note and interest rate swap? 2) The LIBOR rate is updated to 4% on December 31, 2022. What entries does Nittany make on December 31, 2022 related to the note and interest rate swap? 3) What is the recorded book value for the note payable at the end of 2022? 4) What is the effect on net income of the note payable and associated interest rate swap for the fiscal year ending on December 31, 2022