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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. Payment Cash Payment Effective Interest Decrease in balance 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 7,014 6,476 5,889 5,249 4,551 3,790 2,962 13,000 5,986 6,524 7,111 7,751 8,449 9,210 19,038 Outstanding Balance 90,938 77,938 71,953 65,428 58,317 50,565 42,116 32,907 22,868 What would be the outstanding balance after payment 10

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