At the beginning of 2021, GROOT Corporation issued 10% bonds with a face value of ₱1,800,000. These bonds mature in five years, and interest is paid semi-annually on June 30 and December 31. The bonds were sold for ₱1,667,518 to yield 12%. GROOT uses a calendar year reporting period. Using the effective interest method of amortization, what amount of interest expense should be reported for 2021?

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