Chapter 15 Check m 1 King Cones leased ice cream-making equipment from Ace Leasing. Ace earns interest under such arrangements at a 5 % annual rate. The lease term is eight-months with monthly payments of $12,000 due at the end of each month. King Cones elected the short-term lease option. 10 points What is the effect of the lease on King Cones' earnings during the eight-month term (ignore taxes)? Skipped References