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: Payments Interest Dec. 31 2020 2020 2021 2022 2023 $77,900 $77,989 $77,900 $77,900 $77,900 $77,9ee $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 54,886 286,109 57,872 228, 236 61,923 166,313 66,258 188,855 70,896 29, 159 29,159 2025 2026 What is the amount of residual value guaranteed by Reagan to the lessor