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Refer to the following lease amortization schedule the 10

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Refer to the following lease amortization schedule. The 10 payments are made annually starting with the inception of the lease. Title does not transfer to the lessee and there is no bargain 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		 Balance




90,938    
1 13,000
13,000     77,938    
2 13,000 7,014     5,986     71,953    
3 13,000 6,476     6,524     65,428    
4 13,000 5,889     7,111     58,317    
5 13,000 5,249     7,751     50,565    
6 13,000 4,551     8,449     42,116    
7 13,000 3,790     9,210     32,907    
8 13,000 2,962     10,038     22,868    
9 13,000 ? ? ?
10 13,000 ? ? ?

What would be the outstanding balance after payment #10?

Reference no: EM13569295

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