Midshipmen Company borrows $15,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. (1) Record the borrowing for Midshipmen on July 1, 2021. (2) Record the adjusting entry for Midshipmen on December 31, 2021. (3) Calculate the 2021 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0).

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