Please help.. On January 1, 2021, Chicken Nuggets Company leased a machinery with the following information:

Annual payment, payable starting Jan. 1, 2021 P500,000

Initial direct costs paid 50,000

Lease incentive received 10,000

Residual Value Guarantee 30,000

Lease Term 5 years

Useful life of the machinery 6 years

Implicit interest rate 8%

PV of an annuity of 1 in advance at 8% for 5 periods 4.3121

PV of 1 at 8% for 5 periods 0.6806

How much is the initial cost of the Right of Use Asset?