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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
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 con AWN 6,996 6,436 5,831 5,178 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 7,004 7,564 8, 169 8,822 9,528 10,290 11, 114 Outstanding Balance 101,456 87,456 80,452 72,888 64,719 55,897 46,369 36,079 24,965 4,472 3,710 2,886 What would be the outstanding balance after payment 10? Multiple Choice O $1,037. O $12,963 0 $14,000. 0 $0
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