On January $1,2024,$ Majestic Mantles leased a lathe from Equipment Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by Majestic. Portions of the Equipment Leasing's lease amortization schedule appear below:

$\backslash$table$[[$January $1,$Payments,$\backslash$table$[[$Effective$],[$Interest$]],\backslash$table$[[$Decrease in$],[$Balance$]],\backslash$table$[[$Outstanding$],[$Balance$]]],[2024,$$$20,500,,,$$$191,981$