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Refer to the following tease amortization schedule. The 10 payments are made annually starting with the beginning of the lease. Titie does not transfer to

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Refer to the following tease amortization schedule. The 10 payments are made annually starting with the beginning of the lease. Titie 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 tease is noncancelable. Cash Payment Effective Interest Payment 1 2 3 4 5 6 7 8 9 10 12,000 12,000 12,000 12.000 12,000 12,000 12,000 12.000 12,00 12,000 6,475 5,978 5,436 4,845 4,201 3,499 2,734 ? 2 Decrease in balance 12,000 5,525 6,022 6,564 7,155 7,799 8,501 9,266 ? ? Outstanding Balance 83,943 71,943 66,418 60, 396 53,832 46,677 38,878 30,377 21,111 2 2 What would be the outstanding balance after payment 10

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