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: Decrease in Balance Interest Dec. 31 Payments 2020 2020 $77, 300 2021 $77,300 2022 $77, 300 2023 $77,300 2024 $77, 300 2025 $77,300 2026 $30,900 $23, 627 19,870 15,850 11,549 6,946 2,021 $77, 300 53,673 57,430 61,450 65, 751 70, 354 28,879 Outstanding Balance $414,835 337,535 283,862 226, 433 164,983 99,232 28,878 0 What is the balance of the lease llability on Reagan's December 31, 2022. balance sheet (after the third lease payment is made)