Your answer is incorrect. Try again On January 2, 2020, Culver Company issues a 5-year $10,300,000 note is 5.30 UIBOR, with interest paid annually. The variable rate is reset at the end of each year. The LIBOR rate for the first year Culver Company decides it prefers fixed-rate financing and wants to lock in a rate of 6%. As a result, Culver enters into an interest rate swap to pay 6% food and receive LIBOR based on $10.3 million. The variable rate is reset to 6.40% on January 2, 2021. (a) Compute the interest expense to be reported for this role and related swap transactions as of December 31, 2020. Net interest expense December 31, 2020 (20600) (b) Compute the net interest expense to be reported for this note and related swap transactions as of December 31, 2021 Net interest expense December 31, 2021 51500