Pharoah Corporation entered into an operating lease agreement to lease equipment from Sheridan, Inc. on January $1,2025.$ The lease calls for annual lease payments of $$22,000,$ beginning on January $1,$ for each of the $3$ years of the lease. In addition, Sheridan will pay Pharoah $$4,000$ as a cash incentive for entering the lease by January $1,2025.$ In relation to the lease agreement, Pharoah incurred the following costs:

Salaries of employees involved in the investigation of the lease

$$3,500$

Lease document preparation costs incurred after execution of the lease

$500$

Pharoah's incremental borrowing rate is $9\%.$ If the value of the lease liability is $$60,700,$ what amount will Pharoah record as the value of the right$-$of$-$use asset on January $1,2025,$ at commencement of the operating lease?

Value of the right$-$of$-$use asset