Refer to the following lease amortization schedule. The 10 payments are made annually starting with...
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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 Outstanding Balance 88,595 1 14,000 0 14,000 74,595 2 14,000 8,951 5,049 69,547 3 14,000 8,346 5,654 63,893 4 14,000 7,667 6,333 57,560 5 14,000 6,907 7,093 50,467 6 14,000 6,056 7,944 42,523 7 14,000 5,103 8,897 33,626 8 14,000 4,035 9,965 23,661 9 14,000 ? ? ? 10 14,000 ? ? ?
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