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Help me with this, please. Also provide solution for the derivation of amounts. Thank you! Problem 12-4 (LAA) On January 1, 2020, Tenable Company borrowed

Help me with this, please. Also provide solution for the derivation of amounts. Thank you!

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Problem 12-4 (LAA) On January 1, 2020, Tenable Company borrowed P5,000,000 from a bank at a variable rate of interest for 4 years. Interest will be paid annually to the bank on December 31 and the principal is due on December 31, 2023. Under the agreement, the market rate of interest every January 1 resets the variable rate for that period and the amount of interest to be paid on December 31. In conjunction with the loan, the entity entered into a "receive variable, pay fixed" interest rate swap agreement with another bank speculator. The interest rate swap agreement was designated as a cash flow hedge. Market rates of interest January 1, 2020 10% January 1, 2021 14% January 1, 2022 12% January 1, 2023 11% Present value of an ordinary annuity of 1 At 14% for three periods 2.32 At 12% for two periods 1.69 At 11% for one period 0.90 Required: Prepare journal entries for 2020, 2021, 2022 and 2023 to recognize all transactions relating to the contract of loan and the derivative contract

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