On January $1,2024,$ National Insulation Corporation $($NIC$)$ leased equipment from United 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 NIC. Portions of the United Leasing's lease amortization schedule appear below:

$\backslash$table$[[$January $1,$Payments,$\backslash$table$[[$Effective$],[$Interest$]],\backslash$table$[[$Decrease in$],[$Balance$]],$Outstanding Balance$],[2024,,,,$$$175,000$