On 1 July 20X1 Pepper Ltd acquired specialist equipment at fair value. On the same day, Pepper Ltd leased the vehicle to

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On 1 July 20X1 Pepper Ltd acquired specialist equipment at fair
value. On the same day, Pepper Ltd leased the vehicle to Salt Ltd.
Pepper Ltd determined that the lease was a finance lease.

The details of the lease arrangement are as follows:
The lease term was 5 years and the interest rate implicit in the
arrangement was 4%
The lessee agreed to pay an amount of $18,000 to the lessor on 1
July each year, commencing on 1 July 20X1
The residual value at the end of the lease term was $21,000 of
this, an amount of $16,000 was guaranteed by the lessee
$5,000 is the amount of the residual value guarantee that was
expected to be payable by the lessee to the lessor at the end of
the lease term
The lessee paid initial direct costs of $1,741 and the lessor
paid initial direct costs of $1,938 at the commencement of the
lease
The lease arrangement is non-cancellable
The equipment will be returned to the lessor at the end of the
lease term
Required:
Write in the box below the amount that would be recognised by
Salt Ltd in accordance with the requirements of AASB 16: Leases as
the Right-of-Use Asset for the above lease arrangement. Do not
include any spaces or dollar signs in your answer.