On January 1, 2019, Rossana Company issued 10-year bonds with face value of P5,000,000 for P5,775,000. The entity paid bond issue cost of P100,000 on same date. The stated interest rate on the bonds is 10% payable annually every December 31. The bonds have an 8% yield per annum after considering the bond issue cost. The entity used the effective interest method of amortizing bond premium.

• What is the interest expense for 2019?