On January 2,2020, Blossom Corp. issued a $80,000, four-year note at prime plus 1% variable interest, with interest payable semiannually. On the same date, Blossom entered into an interest rate swap where it agreed to pay 4% fixed and receive prime plus 1% for the first six months on $80,000. At each six-month period, the variable rate will be reset. The prime interest rate is 3.7% on January 2 , 2020 , and is reset to 4.5% on June 30,2020 . On December 31,2020 , the fair value of the swap has increased by $25,000. Blossom follows ASPE and uses hedge accounting. Assume that the swap qualifies for hedge accounting under ASPE. Calculate the net interest expense to be reported for this note and the related swap transaction as at June 30 and December 31 , 2020. Prepare the journal entries relating to the interest for the year ended December 31,2020 . (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 0 for the amounts. Record journal entries in the order presented in the problem.) Prepare the journal entries relating to the interest for the year ended December 31,2020 . (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 0 for the amounts. Record journal entries in the order presented in the problem.) Assume, instead, that Blossom follows IFRS. Prepare the journal entries for this cash flow hedge. (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 0 for the amounts.)