On January 1, 2022, AA Company received a 5%, P10,000,000, note collectible in installment plus interest every December 31 of each year until December 31, 2025. The note is collectible in principal as follows: December 31, 2022 P1,000,000 December 31, 2023 2,000,000 December 31, 2024 3,000,000 December 31, 2025 4,000,000 The interest effective on January 1, 2022 is at 3%, on December 31, 2022 is at 4%. How much is the carrying value of the note on December 31, 2022?

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