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?