On November 7, 2017, Mura Company borrows $400,000 cash by signing a 90-day, 12% note payable with a face value of $400,000.(Use 360 days a year. Do not round your intermediate calculations.)

1.Compute the accrued interest payable on December 31, 2017.

2. & 3.Prepare the journal entry to record the accrued interest expense at December 31, 2017 and payment of the note at maturity.