2 oints Book References A-2: Interest rate swap On January 2, 2022, Hill Corp. issued 5-year, $1,000,000 bonds at par. Interest is payable annually on December 31 at a stated fixed rate of 9.0% To mitigate interest rate risk, Hill Corp, entered into a 5-year interest rate swap with a swap bank on January 2, 2022 Terms of the contract were as follows: Hill Corp. agreed to pay a variable rate of interest to the swap bank In return, Hill Corp. will receive fixed rate interest from the swap bank Interest rates during 2022 were the following Rate January 2, 2022 December 31, 2022 Fixed cate 9.0% 9.0% Market rate 9.0% 8.2% As a result of the decrease in the market interest rate during 2022, both the debt obligation and swap contract increased during 2022 Specifically, as of December 31, 2022, the bond liability and interest rate swap had a fair value of $1.026.379 and $26,379. respectively. Required: 1. Prepare the appropriate journal entry or entries for each transaction. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field) 2 Required: 1. Prepare the appropriate journal entry or entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field) 2. Indicate any amounts that Hill Corp. would report in its December 31, 2022 balance sheet and income statement related to the interest rate swap Complete this question by entering your answers in the tabs below. Book Req 1 Req 2 Prepare the appropriate journal entry or entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field) View transaction list Journal entry worksheet < 1 2 3 4 5 Jan. 2, 2022: Issued 5-year, $1,000,000 bonds at par value. View transaction list Journal entry worksheet < bok ancest 2 3 4 5 Dec. 31, 2022: Payment of interest on the bonds. Note: Enter debits before credits. Event 2 General Journal Debit Credit W entry required" in the first account field.) View transaction list Journal entry worksheet > 2 3 4 5 Dec. 31, 2022: Settlement payment on the interest rate swap. Note: Enter debits before credits. Event 3 chuy is required for a transaction/event, select "No journal General Journal Debit Credit entry required" in the first account field.) View transaction list Equieu fui a transaction/event, select "No journal Journal entry worksheet < 1 2 3 4 5 ok ces Dec. 31, 2022: Provide any journal entry needed to record change in fair value of the debt obligation. Note: Enter debits before credits Event 4 General Journal Debit Credit entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 ansaction. (if no entry is required for a transaction/event, select "No journal Dec. 31, 2022: Provide any journal entry needed to record change in fair value of the interest rate swap. Note: Enter debits before credits. Event 5 General Journal Debit Credit Complete this question by entering your answers in the tabs below. Req 1 Req 2 Indicate any amounts that Hill Corp. would report in its December 31, 2022 balance sheet and income statement related to the interest rate swap. Balance Sheet (partial): Current assets: Long-term liabilities: Income Statement (partial): < Req 1 Req 2 >