Question $1$

Please identify the correct answer about the Net Advantage to Leasing

$($NAL$)$ below $($assume everyone faces the same tax rate$)$:

The NAL for the Lessee $=(-1)x$ The NAL for the Lessor

The NAL if higher for the Lessor than the Lessee

The NAL is higher for the Lessee than the Lessor

The NAL is the same for the Lessor and the Lessee