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.

Payment		Cash Payment		Effective Interest		Decrease in balance		Outstanding Balance
								108,703
1		15,000				15,000		93,703
2		15,000		7,496		7,504		86,199
3		15,000		6,896		8,104		78,095
4		15,000		6,248		8,752		69,343
5		15,000		5,547		9,453		59,890
6		15,000		4,791		10,209		49,681
7		15,000		3,974		11,026		38,655
8		15,000		3,092		11,908		26,747
9		15,000		?		?		?
10		15,000		?		?		?

What would be the outstanding balance after payment 10?