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 $0$ for

the amounts. List all debit entries before credit entries.$)$

The entry, if any, to record the swap on December $31,2023$

The entry to record the semi$-$annual debt interest payment on June $30,2024$

The entry to record the settlement of the semi$-$annual swap amount receivable at $8\mathrm{.}00\%,$ less the amount payable at

LIBOR, $7\mathrm{.}00\%$

The entry, if any, to record the change in the swap's fair value at June $30,2024$

The entry, if any, to record the change in the debt's fair value at June $30,2024$Current Attempt in Progress

On December $31,2023,$ Pharoah Corp. had a $$11-$million, $8\mathrm{.}00\%$ 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 specified that

Pharoah will receive interest at a fixed rate of $8\%$ and will pay a variable rate equal to the six$-$month LIBOR rate, based on the $$11-$

million amount. The LIBOR rate on December $31,2023,$ was $7\mathrm{.}00\%.$ 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. Pharoah 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: