On January 1, 2021, Charlie Company received a promissory note from Nimbus Corporation for goods sold with a face value of P200,000.00, a 3-year term at 10%, with interest payable at the end of each year. The effective rate was 12%.

Table factor rates for three periods:

Interest Rate	10%	12%
Present Value of P1	0.751314801	0.711780248
Present Value of Ordinary Annuity of P1	2.486851991	2.401831268

How much is the carrying value of the notes on December 31, 2022?