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 $600,000 by issuing a one- year note, simple interest. Interest is payable at maturity 11. S Determine the amount of interest expense that should be recorded in a year-end adjusting entry assuming a 4.75% interest rate and a fiscal year-end October 31