Complete the following: (in $thousands) YEAR Use Excel functions and/or formulas to complete the following. 1 2 I. Cost of owning Equipment Purchase 800 I1. Leasing cash flows Lease payment -200 -200 -200 -200 200 Tax savings from lease payment A-T Savings from maintenance expense 12 12 12 12 12 Residual value -75 Net cash flow PV cost of leasing C= Cost 800 d= CCA rate= 15% 3 marks tax rate = T = 31% ma cost of capital = S= PV of Salv Value PV of CCA S 248.00 Ill. Net Advantage to Leasing (NAL) 2 marks Equipment Purchase PV of leasing cash flows PV of CCA tax shield NAL Should the firm lease or buy? Lease / Buy because NAL> CO