Korean Short Ribs Company sold a tract of land with carrying amount of P3,000,000 to Instant Pot Corp. on July 1, 2021. P1,200,000 was collected on the date of sale, and the balance of P2,800,000 is collectible in four equal annual installments of P902,500 consisting of principal and 11% interest on the unpaid balance. The first installment is due on July 1, 2022.

What amount related to the notes receivable shall be classified as current assets on December 31, 2022?

P902,500

P781,198

P594,500

P659,895