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Question: On December 31, 2017, 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, 2023. There is no purchase option, and Reagan guarantees a residual value to the lessor on termination of the lease. Reagan's lease amortization schedule appears below:
Dec. 31
Payments
Interest
Decrease in Balance
Outstanding Balance
2017
$519,115
$90,000
429,115
2018
$17,165
72,835
356,280
2019
14,251
75,749
280,531
2020
11,221
78,779
201,752
2021
8,070
81,930
119,822
2022
4,793
85,207
34,615
2023
$36,000
1,385
0
What is the amount of residual value guaranteed by Reagan to the lessor?
Multiple Choice
$1,385.
$34,615.
$36,000.
Cannot be determined from the given information.
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