Develop an Excel spreadsheet model for the following: We Lease It is considering a lease to PP&Q of some new manufacturing equipment; the lease would be a 4-year guideline contract with a lease payment of $100,000 per year, payments to be made at the end of the year (regular annuity) and would include maintenance. We Lease It would purchase the equipment outright for $250,000 and would have to pay the local dealer $7,000 at the end of each year for maintenance service. The equipment falls into the MACRS 3-year class and has a residual value of $40,000 (do not deduct residual value when determining MACRS deprecation), which is the expected market value after four years. The lessor's tax rate is 40%. We Lease It requires an 11% after-tax return on equipment it leases. (For our purposes, the NAL = NPV of the lease.)