Cash Flow Hedge: Interest Rate Swap Organic Farms has a $10,000,000 Ioan with a variable interest rate, due December 31,2024 . The interest rate is set at the beginning of each year and 3.2% and receives the variable rate required to pay interest on the Ioan. On December 31,2023 , the variable rate Required Prepare journal entries to record the swap Iiability at January 1, 2023, and all entries required at December 31 , 2023 and 2024 . Organic Farms records the swap liability at the present value of future expected payments, discounted at the variable rate. Cash Flow Hedge: Interest Rate Swap Organic Farms has a $10,000,000 Ioan with a variable interest rate, due December 31,2024 . The interest rate is set at the beginning of each year and 3.2% and receives the variable rate required to pay interest on the Ioan. On December 31,2023 , the variable rate Required Prepare journal entries to record the swap Iiability at January 1, 2023, and all entries required at December 31 , 2023 and 2024 . Organic Farms records the swap liability at the present value of future expected payments, discounted at the variable rate