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Please provide a detailed solution. I have trouble of getting the correct answer which is letter B. 40. Ver-Nel Forever Company received a P1,200,000 note

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Please provide a detailed solution. I have trouble of getting the correct answer which is letter B.

40. Ver-Nel Forever Company received a P1,200,000 note from a customer on January 2, 2019. The note will mature in cqual annual instalment of P240,000 starting December 31, 2019. The prevailing market interest rate is 8%. The portion of the note that will appear as part of non-current assets on December 31, 2020 financial statements is: a. P618,503 . P427,983 c. P222,222 d. P205,761

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