Company has a $90,000 two-year note payable to First Bank and Trust, dated December 19,2022. The stated annual interest rate on the note is 5.5%. The terms of the note payable call for the following payments:

-a $4,950 interest payments on 12/19/2023 and 12/19/2024

-$90,000 principal payment on 12/19/2024

Please calculate the year interest accrual using a 365 day year with the day after the note was made counting as the first day.

This is to prepare closing entries for 2022.