On January 1, 2033, Kay Corporation leased office furniture from Young Leasing Company. The lease terms require annual payments of $25,000 for twenty years with the first payment being due on December 31, 2033. The interest rate on the lease is 10%. At January 1, 2033, the office furniture had a remaining useful life of twenty-two years and the lease contract requires the furniture to be returned to Young Leasing Company at the end of the lease. Calculate the lease liability balance at December 31, 2034 after the second lease payment is made. You will need to use the time value of money table factors posted in carmen to answer this question. To access these factors, click modules and then scroll to week 12. Click on the link labeled present & future value table factors. No credit will be awarded for this question using a means other than these posted table factors to answer this question. Future Value of a Lump-Sum Periods 3 4 5 6 7 8 9 10 12 15 16 17 18 19 20 21 22 23 24 25 60 % 1,015 1.020 1.025 1.030 1.035 1.040 1.045 1.051 1.061 1.077 1.083 1.088 1.093 1.099 1.104 1.110 1.116 1.121 1.127 1.132 1.348 3% 1.092 1.125 1.159 1.194 1.229 1.266 1.304 1.343 1.425 1.558 1.604 1.652 1.702 1.753 1.806 1.860 1.916 1.974 2.033 2.094 5.891 5% 1.157 1.215 1.278 1.340 1.407 1.478 1.551 1.629 1.795 2.078 2.182 2.292 2.406 2.527 2.653 2.786 2.925 3,071 3.225 3.386 18.679 Rate of interest per period in percent 6% 8% 9% 10% 12% 15% 20% 1.191 1.259 1.295 1.331 1.404 1.520 1.728 1.263 1.360 1.411 1.464 1.573 1.749 2.073 1.338 1.469 1.538 1.610 1.762 2.011 2.488 1.418 1.586 1.677 1.771 1.973 2.313 2.986 1.503 1.713 1.828 1.948 2.210 2.660 3.583 1.594 1.851 1.992 2.144 2.476 3.059 4.299 1.689 1.999 2.171 2.357 2.773 3.517 5.159 1.790 2.159 2.367 2.594 3.105 4.045 6.191 2.012 2.518 2.812 3.138 3.896 5.350 8.916 2.396 3.172 -3.642 4.177 5.473 8.137 15.407 2.540 3.425 3.970 4.595 6.130 9.357 18.488 2.692 3.700 4.327 5.054 6.866 10.761 22.186 2.854 3.996 4.717 5.559 7.690 12.375 26.623 3.025 4.315 5.141 6.115 8.612 14.231 31.948 3.207 4.661 5.604 6.727 9.646 16.366 38.337 3.399 5.033 6.108 7.400 10.803 18.821 46.005 3.603 5.436, 6.658 8.140 12.100 21.644 55.206 3.819 5.871 7.257 8.954 13.552 24.891 66.247 4.048 6.341 7.911 9.849 15.178 28.625 79.496 4.291 6.848 8.623 10.834 17.000 32.919 95.396 32.987 101.257 176.031 304.482 897.597 4383.99 56347.5 Present Value of a Lump-Sum 9% 0.583 Periods 3 4 5 6 7 8 9 10 12 15 16 17 18 19 20 21 22 23 24 25 60 % 0.985 0.980 0.975 0.970 0.965 0.960 0.956 0.951 0.941 0.927 0.923 0.918 0.914 0.909 0.905 0.900 0.896 0.891 0.887 0.882 0.741 3% 5% 0.915 0.863 0.888 0.822 0.862 0.783 0.838 0.746 0.813 0.710 0.789 0.676 0.766 0.644 0.744 0.613 0.701 0.556 0.641 0.481 0.623 0.458 0.605 0.436 0.587 0.415 0.570 0.395 0.553 0.376 0.5371 0.358 0.522 0.341 0.507 0.325 0.492 0.310 0.478 0.295 0.169 0.053 Rate of interest per period in percent 6% 8% 10% 0.840 0.793 0.772 0.751 0.792 0.735 0.708 0.683 0.747 0.680 0.649 0.621 0.705 0.631 0.596 0.564 0.665 0.547 0.513 0.627 0.540 0.501 0.466 0.592 0.500 0.460 0.424 0.558 0.463 0.422 0.385 0.497 0.397 0.356 0.318 0.417 0.315 0.274 0.239 0.393 0.291 0.251 0.217 0.371 0.270 0.231 0.197 0.350 0.250 0.212 0.179 0.330 0.231 0.194 0.163 0.311 0.214 0.178 0.148 0.294 0.198 0.163 0.135 0.277 0.183 0.150 0.122 0.261 0.170 0.137 0.111 0.247 0.157 0.126 0.101 0.233 0.146 0.116 0.092 0.030 0.009 0.005 0.003 12% 0.712 0.635 0.567 0.507 0.452 0.403 0.360 0.322 0.257 0.183 0.163 0.145 0.130 0.116 0.103 0.092 0.082 0.073 0.065 0.058 0.001 15% 0.657 0.571 0.497 0.432 0.375 0.326 0.284 0.247 0.186 0.122 0.106 0.092 0.080 0.070 0.061 0.053 0.046 0.040 0.034 0.030 0.001 20% 0.578 0.482 0.401 0.334 0.279 0.232 0.193 0.161 0.112 0.064 0.054 0.045 0.037 0.031 0.026 0.021 0.018 0.015 0.012 0.010 0.001 Future Value of an Annuity Periods 3 4 5 6 7. 8 9 10 12 15 16 17 18 19 20 21 22 23 24 25 60 12% 3.015 4.030 5.050 6.075 7.105 8.14 9.1821 10.228 12.335 15.536 16.614 17.697 18.785 19.879 20.979 22.084 23.194 24.310 25.432 26.559 69.770 Rate of interest per period in percent 3% 5% 6% 8% 9% 10% 12% 15% 20% 3.090 3.152 3.183 3.246 3.278 3.310 3.374 3.472 3.640 4.183 4.310 4.374 4.506 4.573 4.641 4.779 4.993 5.368 5.309 5.525 5.637 5.867 5.985 6.105 6.353 6.742 7.441 6.468 6.801 6.975 7.336 7.523 7.715 8.115 8.753 9.929 7.662 8.142 8.393 8.925 9.200 9.487 10.089 11.066 12.915 8.892 9.549 9.897 10.636 11.028 11.435 12.299 13.726 16.499 10.159 11.026 11.491 12.487 13.021 13.579 14.775 16.785 20.798 11.464 12.580 13.180 14.486 15.193 15.937 17.549 20.303 25.958 14.192 15.917 16.870 18.977 20.140 21.384 24.133 29.001 39.580 18.599 21.578 23.276 27.152 29.360 31.772 37.280 47.580 72.035 20.156 23.657 25.672 30.324 33.003 35.949 42.753 55.717 87.442 21.761 25.840 28.218 33.750 36.973 40.544 48.883 65.075 105.931 23.414 28.150 30.905 37.450 41.301 45.599 55.749 75.836 128.117 25.116 30.539 33.759 41.446 46.018 51.159 63,439 88.211 154.740 26.870 33.065 36.785 45.762 51.160 57.275 72.052 102.444 186.688 28.676 35.719 39.992 50.422 56.764 64.002 81.698 118.810 225.026 30.536 38.505 43.392 55.456 62.873 71.402 92.502 137.632 271.031 32.4527 41.430 46.995 60.893 69.531 79.543 104.603 159.276 326,237 34.426 44.502 50.815 66.764 76.789 88.497 118.155 184.168 392.484 36.459 47.727 54.864 73.105 84.700 98.347 133.334 212.793 471.981 163.053 353.584 533.128 1253.21 1944.79 3034.82 7471.64 29219.9 281732 ots Present Value of an Annuity 3% Periods 3 4 5 6 7 8 9 10 12 15 16 17 18 19 20 21 22 23 24 25 60 % 5% 2.970 2.828 2.723 3.950 3.717 3.546 4.925 4.579 4.329 5.896 5.417 5.076 6.862 6.230 5.786 7.823 7.019 6.463 8.779 7.786 7.108 9.730 8.530 7.721 11.618 9.954 8.863 14.416 11.937 10.379 15.339 12.561 10.837 16.258 13.166 11.274 17.172 13.753 11.689 18.082 14.323 12.085 18.987 14.877 12.460 19.888 15.415 12.821 20.784 15.936 13.163 21.675 16.443 13.488 22.562 16.935 13.798 23.445 17.413 14.093 51.725 27.675 18.929 Rate of interest per period in percent 6% 8% 9% 10% 2.673 2.577 2.531 2.487 3.465 3.312 3.239 3.170 4.212 3.992 3.889 3.790 4.917 4.623 4.485 4.355 5.582 5.206 5.033 4.868 6.209 5.746 5.534 5.334 6.801 6.247 5.995 5.759 7.360 6.710 6.417 6.145 8.383 7.536 7.160 6.813 9.712 8.559 8.060 7.606 10.105 8.851 8.312 7.823 10.477 9.121 8.543 8.021 10.827 9.371 8.755 8.201 11.158 9.603 8.950 8.364 11.469 9.818 9.128 8.520 11.764 10.016 9.292 8,648 12.041 10.200 9.442 8.771 12.303 10.371 9.580 8.883 12.550 10.528 9.706 8.984 12.783 10.674 9.822 9.077 16.161 12.376 11.048 9.967 12% 2.402 3.037 3.604 4.111 4.563 4.967 5.328 5.650 6.194 6.810 6.974 7.119 7.249 7.365 7.469 7.562 7.644 7.718 7.784 7.843 8.324 15% 2.283 2.855 3.352 3.784 4.160 4.487 4.771 5.018 5.420 5.847 5.954 6.047 6,128 6.198 6.259 6.312 6.358 6.398 6.433 6,464 6.665 20% 2.106 2.588 2.990 3.325 3.604 3.837 4.031 4.193 4.439 4.675 4.729 4.774 4.812 4.843 4.869 4.891 4.909 4.924 4.937 4.947 4.999