Homestead AG entered into a lease to lease equipment from Highlander SA on January 1, 2019. The lease calls for annual lease payments of €10,000, beginning on December 31, for each of the 5 years of the lease. In addition, Highlander will pay Homestead €2,000 as a cash incentive for entering the lease by December 31. In relation to the lease agreement, Homestead incurred the following costs.

Commissions for selling agents...............................................€ 900

Internal engineering costs..........................................................500

Legal fees resulting from the execution of the lease............3,000

Homestead's incremental borrowing rate is 6%. If the value of the lease liability is €44,651, what amount will Homestead record as the value of the right-of-use asset on January 1, 2019, at commencement of the operating lease?