On January 2, 2020, Wildhorse Corp. issues a $8-million, five-year note at LIBOR, with interest paid annually. To protect against the cash flow uncertainty related to interest payments that are based on LIBOR, Wildhorse entered into an interest rate swap to pay 495 fixed and receive LIBOR based on $8 million for the term of the note. The LIBOR rate for the first year is 3.7%. The LIBOR rate is reset to 4.7% on January 2, 2021. Wildhorse follows ASPE and uses hedge accounting On December 31, 2020, the fair value of the swap decreased by $13,500: it increased by $4,000 on December 31, 2021. Assume that the criteria for hedge accounting under ASPE are met. Calculate the net interest expense to be reported for this note and related swap transactions as at December 31, 2020 and 2021. December 31, 2020 December 31, 2021 $ The net interest expense to be reported eTextbook and Media List of Accounts Prepare the journal entries relating to the interest for the years ended December 31, 2020 and 2021 (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.) Date Account Titles and Explanation Debit Credit December 31, 2020 (To record payment of interest.) December 31, 2020 (To record payment on swap.) December 31, 2021 (To record payment of interest.) December 31, 2021 (To record cash received on swap.) Prepare the journal entries to recognize the swap, assuming the company follows hedge accounting under IFRS. (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.) Account Titles and Explanation Debit Credit Date December 31, 2020 (To decrease the value of the contract.) (To record the "Ax" under hedge accounting.) December 31, 2022 (To increase the value of the contract.) (To record the "fix" under hedge accounting.) eTextbook and Media List of Accounts