on december 31, 2020, reagan inc. signed a lease with silver leasing co. for some equipment having a seven-year useful life. the lease payments are made by reagan annually, beginning at signing date. title does not transfer to the lessee, so the equipment will be returned to the lessor on december 31, 2026. there is no purchase option, and reagan guarantees a residual value to the lessor on termination of the lease. silver's lease amortization schedule appears below. dec. 31 payments interest decrease in balance outstanding balance 2020 $ 402,392 2020 $ 83,700 $ 83,700 318,692 2021 $ 83,700 $ 38,243 45,457 273,235 2022 $ 83,700 32,788 50,912 222,323 2023 $ 83,700 26,679 57,021 165,302 2024 $ 83,700 19,836 63,864 101,438 2025 $ 83,700 12,173 71,527 29,911 2026 $ 33,500 3,589 29,911 0 what is the amount of residual value guaranteed by reagan to the lessor?
