What is the amount of the right of use asset on May 1, 2017?

East Company leased a new machine from North Company on May 1, 2017, under a lease with the following information: $ Lease term Annual rental payable at beginning of each lease year Useful life of machine Implicit interest rate 10 years 40,000 12 years 15 % East has the option to purchase the machine on May 1, 2027, by paying $50,000, which approximates the expected fair value of the machine on the option exercise date. PV of an annuity due at 15% for 10 periods x 5.77158