Midshipmen Company borrows $13,000 from Falcon Company on July 1, 2018. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2019. 3. Calculate the 2018 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 expenso