Emerson Corporation is trying to decide whether to lease or purchase a picce ol equipment needed for the next 5 year . The equipment would cost $500,000 to purchase, and maintenance costs would be $20,800 per year. After 5 years, Emerson estimaters it could sell the equipment for $101,400. If Emerson leases the equipment, it would pay $151,300 each year. which would include all maintenance costs. Emerson's cost of capital is 13\%. Future Value of S1. Present Value of \$1. Future Value. Annuity of S1. Present Value Annuity of 31 Note: Use appropriate factor from the PV tables. Required: a. What is the net present value of the cost of purchasing the equipment? b. What is the net present value of the cost of leasing the equipment? c. Based on financial factors, should Emerson purchase or lease the equipment? Complete this question by entering your answers in the tabs below. What is the net present value of the cost of purchasing the equipment? Note: Rourd your final answer to the nearest doliar amount