On January 1, 2021, Manila Company acquired a tract of land for P5,250,000. The entity paid P1,250,000 down and signed a non-interest-bearing note for the balance due on January 1, 2024. There was no established exchange price for the land and the note had no ready market. The prevailing interest rate for this type of note was 12%. The present value of 1 at 12% for 3 periods is 0.7118. Complete the table below. Jan 1, 2021 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 STATEMENT OF FINANCIAL POSITION Note payable Discount on note payable Net STATEMENT OF COMPREHENSIVE INCOME Interest expense