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Make the necessary entries on luckys books

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On 6/24/2018 Lucky received a three year $25 million loan with interest payments due at the end of each month. The interest rate is based on a 30 day LIBOR. On March 11, 2019 Lucky enters into an interest rate swap agreement with an effective date of 5/26/2019 to pay a fixed rate of .390% and receive-variable based on the 30 day LIBOR.

The interest rate on the Interest rate swap is receive-variable 30 day LIBOR at .1795%.

LIBOR rate for the following month is .1716%

Problem 1: Make the necessary entries on Luckys books.

1.) May 26, 2019

2.) June 26, 2019

3.) July 26,2019

Reference no: EM132622593

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