On August 1, 2020, Vann Company’s P5,000,000 one year,non interest bearing note due July 31, 2021, was discounted at Homestead Bank at 10.8%. Vann uses straight line method of amortizing discount....

On August 1, 2020, Vann Company’s P5,000,000 one year,non interest bearing note due July 31, 2021, was discounted at Homestead Bank at 10.8%. Vann uses straight line method of amortizing discount.

What amount should Vann report for note payable in its December 31, 2020 statement of Financial Position?