On January 1, 2010, Oliver Corporation issues a three-year 10% bond with a face value of P 375,000 at a price that will yield an 8% effective interest rate. The interest is payable every January 1 and June 30, with first interest payable on January 1, 2010.

1. How much is the interest expense for 2010? Round off final answer to nearest peso.
2. How much is the bond's carrying value on December 31, 2011? Round off final answer to nearest peso.