On November 7, 2016, Mura Company borrows $150,000 cash by signing a 90-day, 5% note payable with a face value of $150,000. (Use 360 days a year. Do not round your intermediate calculations.)

1. Compute the accrued interest payable on December 31, 2016.

2. & 3. Prepare the journal entry to record the accrued interest expense at December 31, 2016 and payment of the note at maturity.