3-4. On January 1, 2012, Format Company sold a tract of land that was acquired several years ago for P1,800,000. Format received a three-year, non-interest bearing note for P6,000,000 in exchange for the land. There is no readily available market value for the land, but the current market rate of interest for comparable notes is 15%. Present value of Pi for three periods at 15% is 0.6575. Present value of an annuity of P1 for three periods at 15% is 2.2832. REQUIRED: ta) What is the amount of interest revenue recognized in Format's profit and loss for the year 2012? What is the carrying value of the note at December 31, (b) 2012