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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

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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 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. Cash Payment Effective Interest Decrease in balance Payment 1 2 3 4 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 5 Outstanding Balance 88,595 74,595 69,546 63,892 57,559 50,466 42,522 14,000 5,049 5,654 6,333 7,093 7,944 8,897 9,965 ? 8,951 8,346 7,667 6,907 6,056 5,103 4,035 ? ? 6 7 33,625 8 9 23,660 ? ? 10 ? What would be the outstanding balance after payment 10

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