On January 1, 2020, Fruits Company issued its 8%, 5-year convertible debt instruments with a face amount of P8,000,000 for P7,700,000.Interest is payable every December 31, of each year.The debt instrument is convertible into 50,000 ordinary shares with a par value of P100.When the debt instruments were issued, the prevailing market rate of interest for similar debt without conversion privilege is 10%.On December 31, 2022, all the convertible debt instruments were retired for P8,000,000.The prevailing rate of interest on a similar debt instruments on December 31, 2022 is 9% without conversion privilege.

What is the carrying value of the debt instruments as of December 31, 2022?