Accounting January 1, 2020 WI entered into a two year interest rate swap in with DI Corp. WI received 8% fixed on a notional amount of S4.000.000 and pay variable at prime +1% where prime is set at...

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Extracted text: Accounting January 1, 2020 WI entered into a two year interest rate swap in with DI Corp. WI received 8% fixed on a notional amount of S4.000.000 and pay variable at prime +1% where prime is set at 7%. WI opts to not to not use hedge accounting for this swap contract January 1. 2021: Prime is reset to 5% on the swan contract The swap contract value is $113 000. January 1. 2022: The swap contract was settled. prepare the journal entry for each item.