if can answer from the pictures required 5, 6, & 7 at least. required 1 is complete. have a few others I can't figure out but again, I really need answers for the required 5, 6, and 7.

On January 1, 2021. Labtech Circuits borrowed $128.400 from First Bank by issuing a three-year, 8% note, payable on December 31 2023. Labtech wanted to hedge the risk that general Interest rates will decline, causing the fair value of its debt to increase Therefore, Labtech entered into a three-year interest rate swap agreement on January 1, 2021, and designated the swap as a fair value hedge The agreement called for the company to receive payment based on an 8% fixed interest rate on a notional amount of $128.400 and to pay interest based on a floating interest rate tied to LIBOR. The contract called for cash settlement of the net interest amount on December 31 of each year. Floating (LIBOR) settlement rates were 8% at inception and 9%, 7%, and 7% at the end of 2021, 2022 and 2023, respectively. The fair values of the swap are quotes obtained from a derivatives dealer. Those quotes and the fair values of the note are as follows: January 1 2021 Fair value of interest rate swap Fair value of note payable 2021 $ (2,000) $126,400 December 31 2022 $ 1,200 $129,600 2023 $ 3 $128,480 $128,400 Required: 1. Calculate the net cash settlement at the end of 2021, 2022 and 2023 2. Prepare the journal entries during 2021 to record the issuance of the note, Interest, and necessary adjustments for changes in fair value 3. Prepare the journal entries during 2022 to record interest, net cash interest settlement for the interest rate swap, and necessary adjustments for changes in fair value. 4. Prepare the journal entries during 2023 to record interest, net cash interest settlement for the interest rate swap, necessary adjustments for changes in fair value, and repayment of the debt 5. Calculate the book values of both the swap account and the note in each of the three years. 6. Calculate the net effect on earninas of the hedaina arrangement in each of the three vears. (lanore income taxes.) Record the interest. Note: Enter debits before credits. General Journal Debit Credit Date December 31 2021 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Suppose the fair value of the note at December 31, 2021, had been $127,000 rather than $126,400 with the additional decline in fair value due to investors' perceptions that the creditworthiness of Labtech was worsening. How would that affect your entries to record changes in the fair values? (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the net cash settlement, accrued interest on the 'swap, and change in fair value of the derivative. Note: Enter debits before credits Date General Journal Debit Credit December 31 2021 Record the change in fair value of the note due to interest: Note: Enter debits before credits. General Journal Debit Credit Date December 31 2021 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Prepare the journal entries during 2023 to record interest, net cash interest settlement for the interest rate swap, necessary adjustments for changes in fair value, and repayment of the debt. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar) No General Journal Debit Credit 1 Date December 31, 202 Interest expense Notes payable 8.988 8.988 2 December 31, 202 Cash e 1,284 Interest expense 1,284 3 December 31, 202 No journal entry required > 4 128,400 December 31, 202 Notes payable Cash > > 128 400 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Prepare the journal entries during 2022 to record interest, net cash interest settlement for the interest rate swap, an necessary adjustments for changes in fair value. (If no entry is required for a transaction/event, select "No journal er required" in the first account field. Round your final answers to the nearest whole dollar) No Date General Journal Debit Credit 1 December 31, 202. Interest expense 10,272 X Cash 10,272 2 December 31, 202. Cash 1,284 Interest expense 1,284 % 3 3.200 X December 31, 202. Interest expense Notes payable 3,200 > Interest expense 2,000