On January 1, 2021, Quezon Company purchased 5-year bonds with face value of P8,000,000 and stated interest of 10% per year payable semiannually January 1 and July 1. The bonds were acquired to yield 8%. Present value factors are:

PV of an annuity of 1 for 5 periods at 10%3.79

PV of an annuity of 1 for 5 periods at 8%3.99

PV of an annuity of 1 for 10 periods at 5%7.72

PV of an annuity of 1 for 10 periods at 4%8.11

PV of 1 for 10 periods at 4% 0.6756

PV of 1 for 10 periods at 5% 0.6135

PV of 1 for 5 periods at 10% 0.6207

PV of 1 for 5 periods at 8% 0.6804

What is the carrying amount of the bond investment on December 31, 2021?