Pharoah Corporation entered into an operating lease to lease equipment from Sheridan, Inc. on January 1,2025 . The lease calls for annual lease payments of $16,000, beginning on December 31 , for each of the 5 years of the lease. In addition, Sheridan, Inc. will pay Pharoah Corporation $2,600 as a cash incentive for entering the lease by December 31 . In relation to the lease agreement, Pharoah incurred the following costs. Pharoah's incremental borrowing rate is 8%. If the value of the lease liability is $68,994, 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 $