Pangasinan Company sold an equipment on December 31, 2011 in exchange for a noninterest bearing note. The agreement requires five annual payments of P500,000 every year with the first payment to be made on December 31, 2012. The market interest rate of the note was10% and the present value of an ordinary annuity of 1 at 10% for 5 periods is 3.79.

What amount of note receivable shall be presented by Pangasinan on December 31, 2011 in its statement of financial position?