United Inc.s board has approved the manufacture and distribution of the high frequency transmittor (HFT) the company has developed. To undertake this venture, the company needs to obtain equipment for the production of the circuit board for the HFT. Because of the required sensitivity of the circuit board and its delicate frame, the company needs specialized equipment for production.Barry Jones, the company president, has found a vendor for the equipment. Liberty Equipment has offered to sell United Inc. the necessary equipment at a price of $4 million. Because of the rapid development of new technology, the equipment falls in the three-year MACRS depreciation class. At the end of four years, the market value of the equipment is expected to be $480,000.Alternatively, the company can lease the equipment from Liberty Leasing. The lease contract calls for four annual payments of $1,040,000, due at the beginning of the year. Additionally, United Inc. must make a security deposit of $240,000 that will be returned when the lease expires. United Inc. can issue bonds with a yield of 11 percent, and the company has a marginal tax rate of 35 percent.1.
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