Included in Harding Company's liability account balances at December 31, 2020 were the following:

14% note payable issued, October 1, 2016, maturing September 30, 2021, P2,500,000

16% note payable issued October 1, 2020 payable in six equal semi-annual installments of P800, 000 every April 1 and October 1, beginning April 1, 2021, P4, 800,000

Harding's December 31, 2020 financial statements were issued on March 31, 2021. On March 10, 2021, Harding consummated a non-cancelable agreement with the lender to refinance the 14% P2, 500,000 note on a long-term basis, on readily determinable terms that have not yet been implemented.

REQUIRED: On the December 31, 2020 statement of financial position, what amount of the notes payable should Harding classify as current liabilities? (Disregard any amount of accrued interest as of December 31, 2020)