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December 31 of each year Floating (LIBOR) settlement rates were 9% at inception and 10%, 8% and 8% 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 e $270,000 2023 Fair value of interest rate swap Fair value of note payable $ (3,300) $266,700 December 31 2022 $ 2,5ee $272,500 $270,000 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 earnings of the hedging arrangement in each of the three years. (ignore income taxes.) 7. Suppose the fair value of the note at December 31, 2021, had been $247,000 rather than $266,700 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? Check my work 7. Suppose the fair value of the note at December 31, 2021, had been $247.000 rather than $266,700 with the additional decline in fale 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? Complete this question by entering your answers in the tabs below. Required 6 Required 7 ak Required 1 Required 2 Required 3 Required 4 Required Calculate the net cash settlement at the end of 2021, 2022, and 2023. (Negative amounts should be indicated by a minus sign) + December 31 2022 2021 2023 Not interest receipts (payments) Required 2 Check my work Viewranco Journal entry worksheet 1 2 Record the issuance of the note. ok Note Edebits before credits Debit Credit General Journal Date January 01, 2021 Mill CE my work Vrwana Journal entry worksheet Check my work Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Calculate the net effect on earnings of the hedging arrangement in each of the three years. (Ignore income taxes.) (Negative amounts should be indicated by a minus sign. Round your intermediate values and final answers to the nearest whole dollar) Net effect on earnings 2021 2022 2023 Check my wor Journal entry worksheet