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Use the following to answer questions 11 - 13 MT 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 5.5% interest rate and a fiscal year-end September 30. Chapter 8 Page 8-1 12. $ 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 December 31. 13. $ Determine the amount of interest expense that should be recorded in a year-end adjusting entry assuming a 3.25% interest rate and a fiscal year-end March 31