MC Q. On December 31, 2020, Jaxon Inc. signed a lease with Kulesza Leasing Co. for...

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MC Q. On December 31, 2020, Jaxon Inc. signed a lease with Kulesza Leasing Co. for some equipment having a seven-year useful life. The lease payments are made by Jaxon 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 Jaxon guarantees a residual value to the lessor on termination of the lease. Kulesza's lease amortization schedule appears below. Decrease in Outstanding Dec. 31 Payments Interest Balance Balance 2020 2020 2021 $414,835 $77,300 $77,300 337,535 $77,300 $23,627 53,673 283,862 2022 $77,300 19,870 57,430 226,433 2023 $77,300 15,850 61,450 164,983 2024 $77,300 11,549 65,751 99,232 2025 $77,300 6,946 70, 354 28,878 2026 $30,900 2,021 28,879 0 What is the amount of residual value guaranteed by Jaxon to the lessor? MC Q. On December 31, 2020, Jaxon Inc. signed a lease with Kulesza Leasing Co. for some equipment having a seven-year useful life. The lease payments are made by Jaxon 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 Jaxon guarantees a residual value to the lessor on termination of the lease. Kulesza's lease amortization schedule appears below. Decrease in Outstanding Dec. 31 Payments Interest Balance Balance 2020 2020 2021 $414,835 $77,300 $77,300 337,535 $77,300 $23,627 53,673 283,862 2022 $77,300 19,870 57,430 226,433 2023 $77,300 15,850 61,450 164,983 2024 $77,300 11,549 65,751 99,232 2025 $77,300 6,946 70, 354 28,878 2026 $30,900 2,021 28,879 0 What is the amount of residual value guaranteed by Jaxon to the lessor?