On January 2, 2020, Niagara County Issued $25,000,000 in Variable

Essay

On January 2, 2020, Niagara County issued $25,000,000 in variable rate debt, with interest paid on December 31 of each year. The variable rate is adjusted at the beginning of each year. The variable rate for 2020 was 3.5%. On the same date, the county entered a receive variable/pay fixed interest rate swap, where the county pays a 3.6% fixed rate to a counterparty. By the end of 2020, the variable rate has increased to 3.72% and the swap has increased in value by $150,000. By the end of 2021, the variable rate has fallen to 3.4% and the county closes the swap by paying $20,000 to the counterparty.
Required
Make the journal entries necessary to record the above events on Niagara County's government-wide financial statements for 2020 and 2021.