Due to extreme financial difficulties, Ulee Company has negotiated a restructuring of its 12%, P6,000,000 note payable due on December 31, 2021. The unpaid interest on the note on such date is P720,000. The creditor has agreed to reduce the face value to P5,000,000, forgive the unpaid interest, reduce the interest rate to 10% and extend the due date four years from December 31, 2021. Interest will still be payable on December 31 of each year starting December 31, 2022. The present value of 1 at 12% for four periods is 0.636 and the present value of an ordinary annuity of 1 at 12% for four periods is 3.037. 

What is the carrying amount of this note payable on December 31, 2022?