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On January 1, 2020, Daniel Company borrowed P600,000 10% note due in three years. The present value of the note on the date of issuance

On January 1, 2020, Daniel Company borrowed P600,000 10% note due in three years. The present value of the note on the date of issuance was P441,200. The entity elected irrevocably the fair value option in measuring the note payable. On December 31, 2020, the fair value of the note is P489,800. How much is the carrying amount of the note payable on December 31, 2020?

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