Show your solution clearly.

11. On January 1, 20x1, Tarong Co. sold goods on installment at an installment price of P2,370,470 and received a three-year noninterest-bearing note for the same amount. If paid outright, the cash selling price would have been P1,600,000. How much is the carrying amount of the note on Dec. 31, 20x2? a. 1,824,000 b. 1,924,320 c. 2,045,674 d. 2,079,360