JR Company showed the following balances in connection with its noncurrent liabilities on December 31, 2020.

Bonds payable - 10%, maturing December 31, 2025

P10,000,000

Bonds payable - 12%, maturing December 31, 2030

8,000,000

Discount on bonds payable

800,000

Premium on bonds payable

500,000

Bond issue costs

200,000

The discount is related to the 10% bonds payable and the premium and bond issue costs are applicable to the 12% bonds payable.No bonds were retired during 2020. How much interest expense on the bonds payable should JR report in its 2020 income statement?(Use straight line amortization method)