Moffett Industries is considering new equipment. The equipment can be purchased from an overseas supplier for $550,000. The freight and installation costs for the equipment are $15,000. If purchased, annual repairs and maintenance are estimated to be $8,000 per year over the 6-year useful life of the equipment. Alternatively, Moffett Industries can lease the equipment from a domestic supplier for $95,000 per year for 6 years, with no additional costs. Prepare a differential analysis dated February 12 to determine whether Moffett Industries should lease (Alternative 1) or purchase (Alternative 2) the equipment.