East Company leased a new machine from North Company on May $1,20$X$1,$ under a lease with the following information:

Lease term $10$ years

Annual rental payable at beginning of each lease year $ $40,000$

Useful life of machine $12$ years

Incremental interest rate $12\%$

Implicit interest rate $15\%$

East has the option to purchase the machine on May $1,20$Y$1,$ by paying $$50,000,$ which $$approximates the expected fair value of the machine on the option exercise date. Use tables $($PV of $1,$ PVAD of $1,$ and PVOA of $1)($Use the appropriate factor$($s$)$ from the tables provided.$)$

Required:

What is the amount of the right$-$of$-$use finance lease asset on May $1,20$X$1?($Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.$)$