Creditor Corp issued a 58 million, 8-year note on Dec 31, 2014 Interest was to he paid annually on Dec. 31 and based on LIBOR (London Interbank Offered Rate). Since LIBOR is volatile, Creditor faced default risk in the event of a sudden jump in interest rates. Thus, Creditor signed an agreement on Dec. 31, 2014 with a leading financial institution (the counterparty) for an interest rate swap where Creditor would pay the counterparty 6% on the face value of the note (58 million) and the counterparty would pay Creditor LIBOR on the face value of the note each year over the 8-year period. The posted LIBOR rate was 5.4% at the end of 2015 and 6.8% at the end of 2016. Creditor followed IFRS and used hedge accounting. The fair value of the swap contract declined by S43,500 on December 31, 2015, and it increased by S61,500 on December 31, 2016. (1) Prepare journal entries for the signing of the swap contract on Dec 31, 2014. (2) Prepare journal entries for the receipt and/or payment of interest on December 31, 2015 and December, 2016 3 (3) Prepare journal entries to adjust the book value of the swap contract at the end of 2015 and 2016