East Company leased a new machine from North Company on May 1, 20X1, under a lease with the following information:

Lease term ............................................................................................. 10 years
Annual rental payable at beginning of each lease year .................... $40,000
Useful life of machine .......................................................................... 12 years
Incremental interest rate ........................................................................... 12%
Implicit interest rate .................................................................................. 15%

East has the option to purchase the machine on May 1, 20Y1, by paying $50,000, which approximates the expected fair value of the machine on the option exercise date.

Required:

What is the amount of the right-of-use finance lease asset on May 1, 20X1?