On January 1, 2020, ABC Corporation bought land for P 35,000,000. The Corporation paid P 3,000,000 as down payment and signed a non-interest-bearing note for the balance in eight annual installments paid every year end, with first payment December 31, 2020. Assuming the effective interest rate of 10.5%, present value of an ordinary annuity of 1 for eight periods is 5.23918789. The Discount on Notes Payable is closest to: O P11,043,248 O P20,956,752 O P22,921,447 O P12,078,553