ABC Co. purchased an equipment on January 2, 2017 for P5,000,000. At the date of acquisition, the equipment had a life of 6 years with no salvage value.

The equipment is being depreciated on a straight-line basis. In January 2020, ABC Co. determined that the equipment had a useful life of 8 years from the date of acquisition with no salvage value.

What should be the carrying amount of the equipment as of December 31, 2020?