Rib Ltd signed a 4-year contract with Pillman Ltd for the use of a customised machinery on 1 July 2020. Rib Ltd intends to return the asset at the end of the lease term. The leased machinery meets the criteria of a leased asset in accordance with AASB16 Leases. The following information shows the lease terms: What is the amount for the right-of-use asset that Rib Ltd should recognise in its financial statements on 1 July 2020 in accordance with the requirements of AASB 16 Leases? $611,066 $495,970 $475,970 $515,970