On December 31, 2020. Crane Corp. had a $9-million, 7.5% fixed-rate note outstanding that was payable in two years. It decided to enter into a two-year swap with First Bank to convert the fixed-rate debt to floating-rate debt. The terms of the swap specied that Master will receive interest at a fixed rate of 7.5% and will pay a variable rate equal to the six-month LIBOR rate, based on the $9- million amount. The LIBOR rate on December 31, 2020, was 6.50%. The LIBOR rate will be reset every six months and will be used to determine the variable rate to be paid for the following six-month period. Crane Corp.designated the swap as a fair value hedge. Assume that the hedging relationship meets all the conditions necessary for hedge accounting and that IFRS is a constraint. The six- month LIBOR rate and the swap and debt fair values were as follows: 6-Month Swap Debt Date LIBOR Rate Fair Value Fair Value Dec 31, 2020 6.50% $9,000,000 June 30, 2021 7.0096 $(200.000) 8.800,000 Dec 31, 2021 5.5096 60,000 9,060,000 Present the journal entries to record the following transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) 1 2. 3. The entry. if any, to record the swap on December 31, 2020 The entry to record the semi-annual debt interest payment on June 30, 2021 The entry to record the settlement of the semi-annual swap amount receivable at 7.5%, less the amount payable at LIBOR, 6.50% The entry.if any, to record the change in the swap's fair value at June 30, 2021 The entry, if any, to record the change in the debt's fair value at June 30, 2021 4. 5. Date Account Titles and Explanation Debit Credit (1) December 31, 2020 (2) ) June 30, 2021 (3) June 30, 2021 June 30, ( (4) 2021 (5) June 30, 2021 Indicate the amount reported on the statement of financial position related to the debt and swap for the year ended December 31, 2020 Crane Corp Statement of Financial Position (partial) $ eTextbook and Media List of Accounts Indicate the amount(s) reported on the statement of financial position and income statement related to the debt and swap for the six months ended June 30, 2021. Crane Corp Statement of Financial Position (partial) $ > s $ Income Statement (partial) $ Indicate the amount(s) reported on the statement of financial position and income statement related to the debt and swap for the year ended December 31, 2021. Crane Corp Statement of Financial Position (partial) $ $ $ Income Statement (partial) S > eTextbook and Media List of Accounts