Referring to the information in Brief Exercise 17-44, and assuming that the building has a fair value of \(\$ 2,000,000\) at the commencement of the lease, what amount would Property Inc. recognize in its income statement (ignoring taxes) for the year ended December 31, 2020? Assume that Property Inc. is using the straight-line method to depreciate buildings.

Exercise 17-44

Solutions Inc. signs a 10-year lease for a building owned by Property Inc. that is appropriately classified as an operating lease by both the lessee and lessor. Lease payments are \(\$ 150,000\) per year. The building has an estimated useful life of 30 years with no salvage value. What amount would Solutions Inc. report in its income statement (ignoring taxes) for the year ended December 31, 2020?