On January 1, 2021, Marena Company issued bonds with a face amount of P3,500,000 for P3,765,300. The nominal rate is 12% and the effective rate is 10%. The interest is payable annually on December 31 for 5 periods. The entity used the effective interest method. On January 1, 2022, the entity redeemed P980,000 of the bonds for P1,075,000. How much is the loss on redemption of the bonds payable (round-off answer to the nearest peso value)?

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