Refer to the following lease amortization schedule. The 10 p…
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 $ 87,867 1 $ 13,000 $ 0 $ 13,000 74,867 2 13,000 7,487 5,513 69,354 3 13,000 6,935 6,065 63,289 4 13,000 6,329 6,671 56,618 5 13,000 5,662 7,338 49,280 6 13,000 4,928 8,072 41,208 7 13,000 4,121 8,879 32,329 8 13,000 $ 3,233 $ 9,767 $ 22,562 9 13,000 ?question mark ?question mark ?question mark 10 $ 13,000 ?question mark ?question mark ?question mark What would be the outstanding balance after payment 10?