On January 1, 2020, JASMINE Company purchased 4,000 of ₱1,000 face value, 10% bonds of IXORA Company for ₱4,270,600. The bonds will mature on January 1, 2025 and pay interest semi-annually on January...

On January 1, 2020, JASMINE Company purchased 4,000 of ₱1,000 face value, 10% bonds of IXORA Company for ₱4,270,600. The bonds will mature on January 1, 2025 and pay interest semi-annually on January 1 and July 1. Bonds effective interest rate is 8%. JASMINE has a business model of collecting all the contractural cash flows related to the instrument. How much should JASMINE report as interest income for the year ended December 31, 2020 on the bonds?