On January 1, 2021, Relay Company issued a 3-year, 12% bonds with face value of P3,000,000. Interest is payable annually every December 31 of each year starting December 31, 2021. The effective rate of interest on January 1, 2021 is 18%. PV of P1 @ 18% for 3 periods ....... 0.6086 PV of an ordinary annuity of P1@ 18% for 3 periods... 2.1743 How much is the interest expense for the year 2021? P512,658 P469,539 P360,000 P489,256