Accrued Interest Payable

Recall from Transaction No$.5$ on page $9-10$ that Waren has a $\backslash$$$90,000$ two$-$year note payable to First American Bank and Trust, dated December $19,2022.$ The stated annual interest rate on the note is $\backslash (5\mathrm{.}5\backslash \%\backslash ).$ The terms of the note payable call for the following payments:

$-\backslash (\backslash$$ $4,950\backslash )$ interest payments on $12/19/23$ and $12/19/24$

$-\backslash$$$90,000$ principal payment on $12/19/24$

Recall from the SUA$/$eSUA that interest accruals are calculated using a $365-$day year with the day after the note was made counting as the first day. General ledger account numbers for the journal entry are: A$/$C $\backslash$#$40800($Interest Expense$)$ and A$/$C $\backslash$#$21000($Interest Payable$).$ Save your calculation as you may be asked to submit the amount and show your calculation in the end$-$of$-$chapter homework.