On january 1, 2018, majestic mantles leased a lathe from equipment leasing under a finance lease. lease payments are made annually. title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by majestic. portions of the equipment leasing’s lease amortization schedule appear below: jan. 1 payments effective interest decrease in balance outstanding balance 233,828 2018 23,500 0 23,500 210,328 2018 23,500 18,930 4,570 205,758 2019 23,500 18,518 4,982 200,776 2020 23,500 18,070 5,430 195,346 2021 23,500 17,581 5,919 189,427 2022 23,500 13,691 9,809 179,618 2023 23,500 12,808 10,692 168,926 — — — — — — — — — — — — — — — 2035 23,500 5,354 18,146 41,339 2036 23,500 3,721 19,779 21,560 2037 23,500 1,940 21,560 0 required: what is majestic’s lease liability at the beginning of the lease (after the first payment)