On 1 July 2008, a company issued EUR 2m of 8 per cent loan stock. The stock was issued at a 10 per cent discount (so only EUR 1,800,000 is received from the lenders) and issue costs of EUR 78,600 were incurred. Interest is payable in arrears on 30 June each year and the loan stock is redeemable at par on 30 June 2011. The effective interest rate is calculated to be 14 per cent per annum. The company prepares financial statements to 30 June each year. 

(a) State the amount at which this loan stock should be measured on 1 July 2008. 

(b) Calculate the amount at which the loan stock should be measured on 30 June 2009, 2010 and 2011.