On January 1, 2020, ABC Company issued P3,000,000 face value bonds maturing at the rate of P1,000,000 every December 31. The first bond will mature on December 31, 2020. These bonds pay 10% interest every December 31. The market rate for a similar bond is 12%. The present value factors are as follows: PV of an ordinary annuity of 1 at 12% for 3 periods 2.40183 PV of 1 at 12% for 3 periods 0.71178 PV of 1 at 12% for 2 periods 0.79720 PV of 1 at 12% for 1 period 0.89286 The carrying value of the bonds on December 31, 2020 is closest to? OP982,156 O P2.900,316 O P2,000,000 OP1.948,354