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. Determine the financial statement effects for the lending on July 1, 2024 for Falcon Company. 2. Determine the financial statement effects for the adjusting entry for interest earned on December 31, 2024 for Falcon Company. Complete this question by entering your answers in the tabs below. 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. Determine the financial statement effects for the lending on July 1, 2024 for Falcon Company. 2. Determine the financial statement effects for the adjusting entry for interest earned on December 31, 2024 for Falcon Company. Complete this question by entering your answers in the tabs below. Determine the financial statement effects for the adjusting entry for interest owed on December 31, 2024. (Amounts to be deducted should be entered with minus sign.) 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. Determine the financial statement effects for the lending on July 1, 2024 for Falcon Company. 2. Determine the financial statement effects for the adjusting entry for interest earned on December 31, 2024 for Falcon Company. Complete this question by entering your answers in the tabs below. 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. Determine the financial statement effects for the lending on July 1, 2024 for Falcon Company. 2. Determine the financial statement effects for the adjusting entry for interest earned on December 31, 2024 for Falcon Company. Complete this question by entering your answers in the tabs below. Determine the financial statement effects for the adjusting entry for interest owed on December 31, 2024. (Amounts to be deducted should be entered with minus sign.)