Question: EDC is a company operating in E-land, where the currency is the E$. On 1 July 20X4, EDC leases an item of plant under a four-year lease. The plant has a useful life of five years. Legal title does not transfer to EDC at the end of the lease term. At 1 July 20X4, the present value of future lease payments is E$583,500 and EDC incurs initial direct costs of E$4,700 associated with the lease. EDC is preparing its financial statements for the year ended 30 June 20X5. What is the carrying amount of the right-of-use asset that EDC should include in its statement of financial position as at 30 June 20X5?