On January 1, 2021, Silay Company issued 2,000 convertible bonds. The bonds have a 3 year term and are issued at 110 with a face value of P1,000 per bond, giving total proceeds of P2,200,000. Interest is payable annually in arrears at a nominal annual interest rate of 6%. Each bond is convertible at any time up to maturity into 25 shares of capital with par value of P20. 60% of the bonds were converted on December 31, 2021. When the bonds are issued, the prevailing market rate for similar bonds without conversion privilege is 9%. 1. What is the carrying amount of the bonds as of December 31, 2022:

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