A lease agreement that qualifies as a finance lease calls for annual lease payments of $$60,000$ over a six$-$year lease term $($also the asset$$s useful life$),$ with the first payment on January $1,$ the beginning of the lease. The interest rate is $7\%.$ The lessor$$s fiscal year is the calendar year. The lessor manufactured this asset at a cost of $$280,000.$

Required:

What would be the increase in earnings that the lessor would report in its income statement for the first year ended December $31($ignore taxes$)?$