$11-2$ Differential analysis for a lease$-$or$-$buy decision Moffett Industries is considering new equipment. The equipment can be purchased from an overseassupplier for $$550,000.$ The freight and installation costs for the equipment are $$15,000.$ If purchased,annual repairs and maintenance are estimated to be $$8,000$ per year over the $6-$year useful life ofthe equipment. Alternatively, Moffett Industries can lease the equipment from a domestic supplier for$$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 $2)$ theequipment. Hint: This is a $$lease or buy$$ decision, which must be analyzed from the perspective ofthe equipment user, as opposed to the equipment owner.