QU Books Ltd, as a lessee, enter into a lease agreement with the following terms:

lease term is 4 years, commencing on 1 January 2021

4 annual lease payments of $29,000 at the end of each financial year, commencing on 31 December

residual value of $20,000 at the end of the lease term is not guaranteed by QU Books Ltd

interest rate implicit in the lease is 8%

Do not include commas and dollar sign ($) in your answer. Present $1,000 as 1000.

What is the carrying amount of Right-of-use Asset that QU Books Ltd should record on its balance sheet as at 1 January 2021?