On January 1, 2015, Hatthow Company acquired equipment for P2,000,000 with an estimated 10-years useful life. Kindness estimated a P100,000 residual value and used the straight-line method of depreciation. During 2019, after its 2018 financial statements had been issued, Kindness determined that, due to obsolescence, this equipments remaining useful life was only four more years and its residual would be P40,000. In Kindness December 31, 2019 balance sheet, what was the carrying amount of this asset?