ABC determined that due to obsolescence, equipment with an original cost of P9,000,000 and accumulated depreciation of 1 January 2017, of P4,200,000 had suffered permanent impairment and as a result should have a carrying amount of only P3,000,000 as of the beginning of the year. In addition, the remaining useful life of the equipment was reduced from 8 years to 3 years. On 31 December 2017, what amount should be reported as accumulated depreciation?