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 $77,900 2021 $ 77,900 2022 $77,900 2023 $77,900 2024 $77,900 2025 $77,900 2026 $31,200 $23, 814 20,028 15,977 11,642 7,004 2,041 Decrease in Outstanding Balance Balance $418,095 $77,900 340,195 54,086 286,109 57,872 228, 236 61,923 166,313 66,258 100,055 70,896 29,159 29,159 0 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 $150,336. 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 $150,336. $228,236. $208,209. $286,109