On January 1, 2019, VWX Corporation sold equipment costing P380,000 with accumulated depreciation of P160,000 on the date of sale. Adobo received as consideration for the sale, a P400,000,...

On January 1, 2019, VWX Corporation sold equipment costing P380,000 with accumulated depreciation of P160,000 on the date of sale. Adobo received as consideration for the sale, a P400,000, non-interest bearing note, due January 1, 2022. There was no established exchange price for the equipment and the note had no read market.   The prevailing rate of interest for a note of this type at January 1, 2019 was 10%.  The present value of 1 at 10% for three periods is 0.75. What is the note’s carrying amount at December 31, 2019?