On January 1, 2021, Izzieh Company received P1,500,000 for 12% bonds with face amount of P1,000,000. The bonds were sold to yield 10%. Interest is payable semiannually every January 1 and July 1. The entity has elected the fair value option for measuring the financial liability. On December 31, 2021, the fair value of the bonds is determined to be P1,250,000 due to market and interest factors. What amount should be reported as interest expense for 2021? What amount should be reported as GAIN or LOSS from change in fair value of the bonds for 2021? What is the carrying amount of the bonds payable on December 31, 2021?