At the beginning of 2020, Leira Corporation issued 10% bonds with a face value of P 1,500,000. These bonds mature in the five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for P 1,389,600 to yield 12%. Waley uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2021? (Round your answer to the nearest dollar.)  a. P 172,081 b. P 167,255 c. P 166,750 d. P 169,387

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