Stars Company has a broadcasting license that expires in 5 years. As of January 1, 2020, the license has a carrying amount of P2,000,000. The license is renewable and has already been renewed twice in the past. There are no factors to suggest that the license will not be renewed again and the entity has the intention to do so. The license is expected to contribute to the entity’s cash flow indefinitely. In the December 31, 2020 statement of financial position, how much should be reported as the carrying value of the broadcasting license?