On January 1, 2021, Carrow Company issued 11% bonds in the face amount of P1,000,000 that mature on December 31, 2030. The bonds were issued for P886,000 to yield 12%, resulting in bond discount of P114,000. The entity used the interest method of amortizing bond discount. Interest is payable on June 30 and December 31. For the year ended December 31, 2021, what amount should be reported as bond interest expense?

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