On January 1, 2023, ARTHUR Corporation issued P8,000,000 bonds. The bonds pay interest annually at 12% on the outstanding bond balance. The face value of the bonds is payable in installments of P2,000,000 every December 31. The bonds were sold at a price that yields 8%. (Round off PV factors to two decimal places) What is the interest expense for the year 2023?

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