A company plans a four-year project which will be financed by either an operating lease or a bank loan.

Lease details:

   • Four year lease contract.

   • Annual lease rentals of $45,000, paid in advance on the 1st day of the year.

Other information:

   • The interest rate payable on the bank borrowing is 10%.

   • The capital cost of the project is $200,000 which would have to be paid at the beginning of the first year.

   • A salvage or residual value of $100,000 is estimated at the end of the project's life.

   • Purchased assets attract straight line tax depreciation allowances. 

   • Corporate income tax is 20% and is payable at the end of the year following the year to which it relates.

A lease-or-buy appraisal is shown below:

Which THREE of the following items are errors within the appraisal?