On December 31, 2017, Ulster Co.

issued P 200,000 of 8% serial

bonds, to be repaid in the amount of P40, 000 each year. Interest is
payable annually on December 31. The bonds were issued to yield
10% a year. The bonds proceeds were P 190,280 based on the
present values at December 31, 2017 of the five annual payments. In
its December 31, 2018 statement of financial position, at what amount
should Ulster report the carrying amount of the bonds?