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Problem 12-3 (IAA) On January 1, 2020, Citadel Company received a 5-year variable interest rate loan of P3,000,000 with interest payment at the end of each year and the principal to be repaid on December 31, 2024. The interest rate for 2020 is 8% and the rate in each succeeding year is equal to market interest rate on January 1 of each year. In connection with the loan, the entity entered into an interest rate swap agreement with another financial institution. The entity will receive a swap payment if the interest on January 1 is more than 8% and will make a swap payment if the interest is less than 8%. The swap payments are made at the end of the year. This interest rate swap agreement was designated as a cash flow hedge. On January 1, 2021, the market rate of interest is 9% and on January 1, 2022, the market rate of interest is 6%. Present value of an ordinary annuity of 1 at 9% for four periods 3.24 Present value of an ordinary annuity of 1 at 6% for three periods 2.67 Required: Prepare journal entries for 2020 and 2021 in connection with the loan and the interest rate swap agreement