Transaction costs

When we are raising a loan we will record it at its PV of future cash outflows right? I have a few question, just want to be sure if i have understood it correctly..

1. I raise a loan of 1m $ and i will have to redeem it at 1.5m $ in 4 years time (no interest expenses incurred in between. Discounting rate is 10%,so the value i record in my SOFP will be 1.02m $.

I have received cash of only 1m$ but i am recording the value of loan as 1.02m$, where will the remaining .02$ be recorded?

2. I raise a debt of 1m $ and i will redeem it at 1.5m $ coupon rate being 6%.

2a. If Effective rate of interest is given
Then we record the loan at 1m $ itself and increase the value of this 1m $ by the difference between the (( effective interest * 1m ) – ( 6% * 1m)) and record (Effective rate * 1m) as interest in P&L and (6% * 1m) will be taken of from cash.

2b. If effective rate is not given
Then we take a appropriate discount rate and calculate the PV future cash flows and then record the PV in the books.

In short, basically my question is

When should we use Effective rate and when should we calculate the PV of the future cash outflows .Have i understood this correctly or is it that in 2b we will have to calculate the effective rate of interest and then proceed as per 2a itself? Also effective rate of interest is equal to the cost of debt right?