On April 1, 2028, A Company purchased three units of baking equipment by issuing a four-year, non-interest bearing, P 3,200,000 note. The note is payable in annual installments of P 800,000. The first installment is due on March 31, 2029. There was no equivalent cash price for the equipment and the note had no ready market. The prevailing interest rate for a note of this type is 9%. The present value of 1 factor at 9% for 4 periods is 0.7084 and present value of ordinary annuity factor at 9% for 4 periods is 3.2397. At what amount should the note be recorded on April 1, 2028?