Cleos needs to add three double-decker buses to its tour vehicles fleet. The cost of the buses will be $1,150,000 in total. British Leasing has offered to lease the buses to Cleos for a total of $230,000 per year for each of five years, with the lease payments payable in advance. The buses are estimated to be worth a total of $100,000 in 5 years. The buses are class 10.1 assets (CCA rate, 30%) with a useful life of five years, the firms tax rate is 30% and Cleos after-tax cost of debt is 8%. The present value of the CCA tax savings = $235,290. Under the terms of the lease, British Leasing has agreed to pay the $22,000 annual maintenance costs (before tax, end of year payment). Should Cleos lease or purchase the buses? (16 Marks)