On January 1, 2021, Yellow Company sold land that originally cost P4,000,000 to Orange Company. As payment, Orange gave Yellow a P6,000,000 note. The note bears an interest rate of 10% and is to be repaid in four annual installments plus interest on the outstanding balance. The first payment is due on December 31, 2021. The market price of the land is not readily determinable. The prevailing rate of interest for notes of this type is 8%.

What is the balance of the unamortized premium/discount on December 31, 2022?