On January 1, 20x1, ABC Co. sold machinery with historical cost of P3,000,000 and accumulated depreciation of 2900,000 in exchange for a 3-year, $2,100,000 noninterest- bearing note receivable due in equal semi-annual payments every July 1 and December 31 starting on July 1, 20x1. The prevailing rate of interest for this type of note is 10%. How much is the carrying amount of the receivable on December 31, 20x1