San Diego Company purchased a tooling machine in 2010 for P3,800,000. The machine was being depreciated on the straight line method over an estimated useful life of fifteen years, with P50,000 residual value. At the beginning of 2020, when the machine had been in use for ten years, the company paid P800,000 to overhaul the machine. As a result of this improvement, the company estimated that the useful life of the machine would be extended an additional five years.

What is the carrying amount of the asset on December 31, 2020?