On April 2, 2020, Takemichi and Company issued 9% bonds in the amount of P10,000,000 which mature on April 2, 2030. The bonds were issued for P9,390,000 to yield 10% resulting in a bond discount of P610,000. Interest is payable annually on April 2. Lucban uses the effective interest method of amortizing bond discount.

Required: How much is the amortization for the year 2021?

*Please provide computations and explanations. Thanks!