Hi! I need help on these problems. Thank you!

Problem 14. On January 1, 2014, AIR Inc. borrowed P10,000,000 from BDO Bank at a variable rate of interest for two years with the principal loan payable on December 31, 2016 and the interest is payable on every December 31 of each year based on the prevailing interest rate at the beginning of the year. To protect itself from fluctuation in interest rate, AIR Inc. entered into an agreement with BPI Bank to pay a fixed interest based on an underlying interest rate of 10% and notional amount of P10,000,000. The interest rate swap agreement is designated as a cash flow hedge against a variable interest rate which may be increasing over the term of the loan. The interest rates on the loan are: January 1, 2014 10% January 1, 2015 12% or 7% Required: Based on the result of your audit, determine the following: 1. Interest expense for year 2014 2. Interest expense for year 2015 3. Book value of interest rate swap derivative on 12/31/2014 (Indicate whether asset or liability) 4. Book value of interest rate swap derivative on 12/31/2015 before settlement from BPI Bank 4. Interest expense for year 2014 assuming the interest rate on 1/1/2015 is 7% 5. Interest expense for year 2015 assuming the interest rate on 1/1/2015 is 7% 6. Book value of interest rate swap derivative on 12/31/2015 before settlement from BPI Bank Problem 15. On January 1, 2016, NIKE Inc. borrowed P20,000,000 from BPI Bank at a variable rate of interest for two years with the principal loan payable on December 31, 2017 and the interest is payable on every December 31 of each year based on the prevailing interest rate at the beginning of the year. To protect itself from fluctuation in interest rate, NIKE Inc. entered into an agreement with BDO Bank to pay a fixed interest based on an underlying interest rate of 20% and notional amount of P20,000,000. The interest rate swap agreement is designated as a cash flow hedge against a variable interest rate which may be increasing over the term of the loan. The interest rates on the loan are: January 1, 2016 20% January 1, 2017 25% or 18% Required: Based on the result of your audit, determine the following: 1. Interest expense for year 2017 if variable interest rate on 1/1/2017 is 25% 2. Interest expense for year 2017 if variable interest rate on 1/1/2017 is 18% 3. Book value of Derivative asset/(liability) on 12/31/2016 if variable interest rate on 1/1/2017 is 25% 4. Book value of Derivative asset/(liability) on 12/31/2016 if variable interest rate on 1/1/2017 is 18%Forward Contract/Futures Contract Problem 16. On December 1, 2014, ART Inc. expects to purchase 10,000 kilos of sugar from a supplier on February 1, 2015 at the prevailing market price on such date. Recent market factors indicate that the market price of sugar is within the vicinity of P150. To protect itself from the variability of the market price of sugar, ART entered into a forward/futures contract with speculator RCBC Bank. The market price of sugar is P170/P120 on December 31, 2014 and P175/P100 on February 1, 2015. All 10,000 kilos of sugar are sold on year 2015. Required: Based on the result of your audit, determine the following: 1. Forward contract receivable/(payable) on 12/31/2014 2. Forward contract receivable/(payable) on 2/1/2015 before cash settlement to RCBC 3. Cost of goods sold on year 2015 4. Forward contract receivable/(payable) on 12/31/2014 if the market price of sugar is P120 on 12/31/2014 5. Forward contract receivable/(payable) on 2/1/2015 before cash settlement to RCBC if market price is P100 on 2/1/2015 6. Cost of goods sold on year 2015