Question：Alplas Co is a manufacturer of plastic boxes.
It is considering whether to lease a new machine for making coloured lids.
It is evaluating the merits of purchasing the machine separately from those of leasing it.
What discount rates should be used in the calculation?
A. Machine: pre-tax cost of capital. Lease: after-tax cost of capital.
B. Machine: after-tax cost of borrowing. Lease: after-tax cost of borrowing.
C. Machine: after-tax cost of capital. Lease: after-tax cost of capital.
D. Machine: after-tax cost of capital. Lease: after-tax cost of borrowing.
The correct answer is:Machine: after-tax cost of capital. Lease: after-tax cost of borrowing.
解析：The after-tax cost of capital should be used for all types of asset evaluation, whether leased or purchased.
The lease itself is a financing decision and should therefore be evaluated at the after-tax cost of borrowing.
Tax should be allowed for in all the cash flows.
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