Use the following to answer questions 11 - 13 MM Environmental provides cost effective solutions for managing regulatory requirements and environmental needs specific to the Airline industry. Assume that on July 1st, the company borrows $1,000,000 by issuing a one- year note, simple interest. Interest is payable at maturity. 11. $ Determine the amount of interest expense that should be recorded in a year-end adjusting entry assuming a 3.75% interest rate and a fiscal year-end August 31. Chapter 8 Page 8-1 12. $ Determine the amount of interest expense that should be recorded in a year-end adjusting entry assuming a 2.7% interest rate and a fiscal year-end January 31. 13. $ _Determine the amount of interest expense that should be recorded in a year-end adjusting entry assuming a 5.25% interest rate and a fiscal year-end November 30