Midshipmen Company borrows $11,000 from Falcon Company on July 1,2024. Midshipmen repays the amount borrowed and pays interest of 12%(1%/ month) on June 30,2025. Required: 1.\&2. Record the necessary entries in the Journal Entry Worksheet below for Midshipmen Company. 3. Calculate the 2024 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0 ). Journal entry worksheet Record the adjusting entry of Midshipmen for interest on December 31, 2024. Note: Enter debits before credits. Record the borrowing of $11,000 by Midshipmen on July 1, 2024. Note: Enter debits before credits