On December 31, 2022, QUIAMBAO CORP. issued serial bonds with face value of P4,000,000 and a stated 10% interest rate, payable annually every December 31. The bonds are issued on this date with a 12% effective yield. The bonds mature at an annual installment of P1,000,000 every December 31, starting December 31, 2023. Use PV factors rounded to THREE decimal places. What is the carrying amount of the serial bonds on December 31, 2022?  2,829,000 3,842,000 2,903,000 3,903,000

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