On January 1,2020, Marimar Company issued 10,000 of its 12% P1,000 face value 5-year bonds at 105. Interest on the bonds is payable annually every December 31. In connection with the sale of these bonds, Marimar paid the following expenses:

Promotion costs P100,000

Engraving and printing 400,000

Underwriter's commissions 500,000

How much is the initial carrying value of the bond?