On June 1, 2019, Sirius Company began construction of a new manufacturing plant. The plant was completed on October 31, 2020. Expenditures on the project were:

July 1, 2019P5,000,000

October 1, 20193,000,000

February 1, 20203,000,000

April 1, 20202,000,000

September 1, 20202,000,000

October 1, 2020500,000

On July 1, 2019, the entity obtained a P7,000,000 construction loan with a 6% interest rate. The loan was outstanding through the end of October 2020. The only other interest-bearing debt was a long-term note for P10,000,000 with an interest rate of 8%. This note was outstanding during 2019 and 2020. The fiscal year-end is December 31.

QUESTIONS:

1. What amount of interest should be capitalized in 2019?
2. What amount of interest should be capitalized in 2020?
3. What is the interest expense for 2020?