Help Save & Exit Submit 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. Reagan's lease amortization schedule appears below. A730 Decrease in Balance Interest Outstanding Balance $416,814 330, 114 Dec. 31 Payments 2020 2020 $86,700 2021 586,700 2022 $86,700 2023 986.700 2024 586,700 2025 $86,700 2026 $34,700 $39,614 .614 33,963 27.635 20,547 12.609 3,718 $86,700 47.086 52,737 59,065 66, 153 74,091 39.982 230.291 171,226 105,073 30,982 What is the amount of residual value guaranteed by Reagan to the lessor? Multiple Choice $342. $371. $30,982. C) Cannot be determined from the given information