59. Adorable Company determined that due to obsolescence an equipment with an original cost of P5,000,000 and accumulated depreciation on January 1,2020 of P2,000,000 had suffered a permanent impairment and as a result should have a recoverable amount of only P900,000 as of the beginning of the year. In addition, the remining useful life of the equipment was reduced from 6 to 3 years. Determine the carrying amount of the equipment on December 31,2020