On 1 July 20X1 Lessee Ltd leased some equipment from Lessor Ltd. The details of the lease arrangement are as follows:

• The equipment was acquired by the lessor on 1 July 20X1 at fair value.
• The lease term was 6 years
• The interest rate implicit in the arrangement was 9% per annum
• The lessee pays an amount of $46,000 per annum to the lessor commencing on 1 July 20X1. Subsequent payments were made on 1 July each year.
• The residual value at the end of the lease term was $21,000, and $15,000 of this amount was guaranteed by the lessee
• $1,000 is the amount of the residual value guarantee that was expected to be payable by the lessee to the lessor at the end of the lease term
• The lessee paid initial direct costs of $1,612 at the commencement of the lease
• The leased asset will be returned to the lessor at the end of the lease term
• The lease was accounted for by the lessor as a finance lease.

Required:

Write in the box below the amount that would be recognised by Lessee Ltd as the Right of Use Asset at the commencement of the lease in accordance with the requirements of AASB 16: Leases. Do not include any spaces, commas, dollar signs or decimals in your answer.