On January 1, 2007, Taft Company purchased a patent for P7,140,000. The patent is being amortized over its remaining

legal life of 15 years expiring on January 1, 2022. During 2010, Taft determined that the economic benefits of the patent would

not last longer than ten years from the date of acquisition. What should be reported in the statement of financial position as

carrying amount of patent on December 31, 2010?