Bitcoin Company reported the following account balances on January 1, 2021:

Patent P 2,304,000

Accumulated amortization - patent 288,000

Transactions during the current year and other information relating to intangible assets were as follows:

The patent was purchased for P2,304,000 on January 1, 2019 at which date the remaining legal life was sixteen years.

On January 1, 2021, the entity determined that the useful life of the patent was only eight years from the date of acquisition.

On January 1, 2021, in connection with the purchase of a trademark from another entity, the parties entered into a noncompetition agreement and a consulting contract.

The entity paid the other party P960,000 of which three-fourths was for the trademark, and one-fourth was for the counterparty's agreement not to compete for a five-year period in the line of business covered by the trademark.

The entity considered the useful life of the trademark to be indefinite.

Under the consulting contract, the entity agreed to pay the counterparty P60,000 annually on January 1 of each year for 5 years. The first payment was made on January 1, 2021.

How much is the carrying amount of the patent on December 31, 2021?