On Jan, 1, 20X1 ABC Corp sold equipment with a cost of P20,000,000 and accumulated depreciation of P7,000,000 in exchange for cash of P500,000 and non-interest bearing note receivable of P8,000,000 due in 4 equal annual installments starting on Dec 31, 20X1. Effective rate was 12% for this type of note. PV of P1 at 12% for 4n = .63552 PV of ordinary annuity of P1 at 12% for 4n = 3.03735.

 How much is the carrying amount of the note at Dec 31, 20X1?