MC On December 31, 2020, Adams Inc. signed a lease with Jefferson Leasing Co. for some equipment having a seven-year useful life. The lease payments are made by Adams 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 Adams guarantees a residual value to the lessor on termination of the lease. Jefferson's lease amortization schedule appears below. Decrease in Outstanding Dec. 31 Payments Interest Balance 2020 Balance $391,815 2020 $76,400 $76,400 315,415 2021 $76,400 $28,387 48,013 267,402 2022 $76,400 24,066 52,334 215,069 2023 $76,400 19,356 57,044 158,025 2024 $76,400 14,222 62,178 95,847 2025 $76,400 8,626 67,774 28,073 2026 $30,600 2,527 28,073 e What is the amount of residual value guaranteed by Adams to the lessor?