On December 31, 2020, Grouper Corp. had a $11,100,000, 7.0% fixed-rate note outstanding, payable in 2 years. It decides to enter into a 2-year swap with Chicago First Bank to convert the fixed-rate debt to variable-rate debt. The terms of the swap indicate that Grouper will receive interest at a fixed rate of 7.0% and will pay a variable rate equal to the 6-month LIBOR rate, based on the $11.100,000 amount. The LIBOR rate on December 31, 2020, Is 6.0%. The LIBOR rate will be reset every 6 months and will be used to determine the variable rate to be paid for the following 6-month period. Grouper Corp. designates the swap as a fair value hedge. Assume that the hedging relationship meets all the conditions necessary for hedge accounting. The 6-month LIBOR rate and the swap and debt fair values are as follows. Swap Fair Value Debt Fair Value $11,100,000 10,890,600 Date 6-Month LIBOR Rate December 31, 2020 6.0 % June 30, 2021 6.5 % (209,400 ) December 31, 2021 5.0 % 64,070 11,164,070 Present the journal entries to record the following transactions. (1) The entry, if any, to record the swap on December 31, 2020. The entry to record the semiannual debt interest payment on June 30, 2021. (2) The entry to record the settlement of the semiannual swap amount receivables at 7.0%, less amount payable at (3) LIBOR, 6.0%. (4) The entry to record the change in the fair value of the debt on June 30, 2021. (5) The entry to record the change in the fair value of the swap at June 30, 2021. (Credit account titles are automatically Indented when amount is entered, Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.)