Cott, Inc. prepared an interest amortization table for a fiveyear
lease payable with a bargain purchase option of $2,000, exercisable
at the end of the lease. At the end of the five years, the
balance in the leases payable column of the spreadsheet was zero.
Cott has asked Grant, CPA, to review the spreadsheet to determine
the error. Only one error was made on the spreadsheet.
Which of the following statements represents the best explanation
for this error?