Help Save & Exit Submit 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: Interest Dec. 31 Payments 2020 2020 $85,700 2021 $85,700 2022 $85,700 2023 $85,700 2024 $85,700 2025 $85, 700 2026 $34,300 $31.842 26,994 21,711 15,952 9,674 2,832 Decrease in Outstanding Balance Balance $439, 495 585, 700 353,795 53,858 299,937 58,706 241,231 63,989 177,242 69,748 107,493 76,026 31,468 31,468 What is the balance of the lease liability on Reagan's December 31, 2022, balance sheet (after the third lease payment is made)? What is the balance of the lease liability on Reagan's December 31, 2022, balance sheet (after the third lease payment is made)? Multiple Choice $214, 237. $241,231, $165.531. $299,937