On November 7, 2017, Mura Company borrows $250,000 cash by signing a 90-day, 5% note payable with a face value of $250,000 (Use 360 days a year. Do not round your intermediate calculations.) 1. Compute the accrued interest payable on December 31, 2017 Answer is complete but not entirely correct. Principal $ 250,000 $ 250,000 $ 250,000 x Rate (%) x Time Interest Total through maturity Year end interest accrual Interest recognized February 5 1 3 % 54/360 $ 1,250 % 90/360 S 253,125 2. & 3. Prepare the journal entry to record the accrued interest expense at December 31, 2017 and payment of the note at maturity. Answer is complete and correct. 0 Date General Journal Debit Credit Dec 31, 2017 Interest expense 1.875 Interest payable 1,875 250,000 1,875 1,250 Feb 05, 2018 Notes payable Interest payable Interest expense Cash 253,125