Dave & EXIL On December 31, 2020, Reagan Inc. signed a lease with Silver Leasing Co. for some equipment having a seven-year useful life. The lease payments are made by Reagan annually, beginning at signing date. Title does not transfer to the lessee, so the equipment will be returned to the lessor on December 31, 2026. There is no purchase option, and Reagan guarantees a residual value to the lessor on termination of the lease. Reagan's lease amortization schedule appears below: Dec. 31 2020 Payments Interest Decrease in Balance Outstanding Balance $386,915 2020 $72,100 $72,100 314,815 2021 $72,100 $22,037 50,063 264,752 2022 $72,100 18,533 53,567 211,185 2023 $72,100 14,783 57,317 153,868 2024 $72,100 10,771 61,329 92,538 2025 $72,100 6,478 65,622 26,916 2026 $28,800 1,884 26,916 e What is the balance of the lease liability on Reagan's December 31, 2022, balance sheet (after the third lease payment is madej? Multiple Choice