Midshipmen Company borrows $15,000 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 )