Brief Exercise 3-12 Calculate the ending balance of interest payable and interest expense (LO3-3) Midshipmen Company borrows $19,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays. interest of 12% (1%/month) on June 30, 2022 Required: Calculate the 2021 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0) Complete this question by entering your answers in the tabs below. Required Calculate the 2021 year-end adjusted balances of interest Payable and Interest Expense (assuming the balance of interest Payable at the beginning of the year is $0). Ending Balance Interest payable Interest expense Required