Solve the following problem using a spreadsheet. Your S corporation needs a new track hoe for its operations and is looking at three alternatives. The first alternative is to lease the track hoe for sixty months. The monthly lease payment is $2,200 per month. At the end of the lease the track hoe will be returned to the dealer. The lease excludes all maintenance and operational costs. The second alternative is to purchase the track hoe with a sixty-month loan at an interest rate of 7.5% (APY 7.76). The loan has $500 in origination fees. The track hoes entire sales price of $110,000 including the loan origination fees can be financed. The first payment is due in July. The second alternative is to purchase the track hoe with cash for $110,000. If your company purchases the track hoe, the estimated salvage value of the track hoe at the end of five years is $15,000. Gains and losses on the sale of the track hoe will be treated as ordinary income. The track hoe may be depreciated using the half-year convention. For all three alternatives, the track hoe is to be placed in service on July 1. Your companys tax year is the same as the calendar year and its marginal tax rate is 35%. Using the net present value (cost) method, which of the above alternatives is the best for your company if your minimal acceptable rate of return (MARR) is 1.25% per month? Assume that there is sufficient taxable income to use all tax savings in the year they occur.