Use the following to answer this question: On January 1, 2021, Relay Company received a promissory note from Proton Corporation for goods sold with a face value of P1,000,000, a 3-year term at 10%, with interest payable at the end of each year. The effective rate was 12%. Table factors for Three periods: 10% 12% Present Value of P1 0.751314801 0.711780248 Present Value of Ordinary Annuity of P1 2.401831268 2.486851991 How much is the present value of the note receivable on January 1, 2021? O P951,963.40 O P1,000,000 O P711,780.25 O P240,183.15