Question 13 5 pts Refer to the following lease amortization schedule. The 10 payments are made annually starting with the beginning of the lease. Title does not transfer to the lessee and there is no purchase option or guaranteed residual value. The asset has an expected economic life of 12 years. The lease is noncancelable. Effective Interest Cash Payment Payment 1 15,000 2 15,000 3 15,000 4 15,000 5 15,000 6 15,000 7 15,000 8 15,000 9 15,000 10 15,000 COVOAWN- 7,496 6,896 6,248 5,547 4,791 3,974 3,092 ? ? Decrease in balance 15,000 7,504 8,104 8,752 9,453 10,209 11,026 11,908 ? ? Outstanding Balance 108,703 93,703 86,199 78,095 69,343 59,890 49,681 38,655 26,747