On Jan 1, 2021, an entity issued a P5,000,000, 8% serial bonds to be repaid in the amount of P1,000,000 each year. Interest is payable annually on December 31. The bond was issued to yield 10% a year. How much will be the interest expense during the year 2022? [Select] How much is the carrying amount of the bond at the end of the year 2021? I Select