complete all parts to the question
A-2: Interest rate swap On January 2, 2022, Hill Corp, issued 5 year, $1000.000 bonds at par Interest is payable annually on December 31 at a stated fixed rate of 60% To mitigate interest rate risk. Hul 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, the swap bank agreed to pay Hill Corp. fixed rate interest Interest rates during 2022 were the following Briedicate 6.03 Banuary 2, 2022 December 31, 2022 6.es 5.2% 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 band liabity and interest rate swap had a fair value of 51028 236 and 528,23 respectively Required: 1. Prepare the appropriate journal entry or entries for each transaction. If no-entry is required for a transaction event select "No 2 Indicate any amounts that Hill Corp. would report in ts 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. Regi Reg 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 Red.) View transaction list Jan. 2. 2022: Issued 5-year 51.000.000 bonds at par value. 2 Dec 31, 2022: Payment of interest on the bonds 3 Dec 31, 2033: Settlement payment on the interest rate swap Dec 31, 2022: Provide any journal entry needed to record change in tal value of the debt obligation 5 Dec 31, 2022: Provide any journal entry needed to record change in Palt value of the Interstate www. Note journal entry has been entered Record entry 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 6.0% 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, the swap bank agreed to pay Hill Corp. fixed rate interest Interest rates during 2022 were the following: Date January 2, 2022 December 31, 2022 Eredmnts 6.0% 6.ex Market rate 6.0% 5.2% 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 $1028.236 and $28.236. respectively Required: 1. Prepare the appropriate journal entry or entries for each transaction (if no entry is required for a transactionlevent 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. Reg. 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):
