On 1 July 20X1 Wise Ltd acquired a delivery vehicle at fair value. On the same day, Wise Ltd leased the vehicle to Street Ltd. Wise Ltd determined that the lease was a finance lease. The details of the lease arrangement are as follows:

• The lease term was 4 years and the interest rate implicit in the arrangement was 4%

• The lessee agreed to pay an amount of $23,000 to the lessor on the 1 July each year, commencing on 1 July 20X1

• The residual value at the end of the lease term was $24,000 and of this, an amount of $16,000 was guaranteed by the lessee

• $4,000 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 $1,590 and the lessor paid initial direct costs of $1,879 at the commencement of the lease

• The lease arrangement is non-cancellable

• The vehicle will be returned to the lessor at the end of the lease term

Required:

Write in the box below the amount that would be recognised by Street Ltd in accordance with the requirements of AASB 16: Leases as the Right-of-Use Asset for the above lease arrangement. Do not include any spaces or dollar signs in your answer.