ABC Company has equipment acquired on January 1, 2018, at a cost of P2,200,000 with an estimated residual value of P200,000 and 20 years estimated useful life. On December 31, 2020, the fair value of the equipment is P2,000,000, and revised residual value of P300,000. Round off percentage to the whole number and to the nearest peso if you are required to gross up. The carrying value of the equipment on December 31, 2021 is?