Sander Company purchased a piece of equipment on January 1, 2020 for P2,000,000 The equipment had an estimated useful life of 5 years and a residual value of P200,000 The company's policy is to depreciate the asset using the double declining balance for the first two years of the asset's life and then switch to the straight-line method and the residual value increased by P100,000 What is the carrying amount of the equipment as of December 31, 2023