Cullumber Co. purchased a machine on January 1, 2021, for $3,000,000 for the express purpose of leasing it. The machine is expected to have a 5-year life, no salvage value, and be depreciated on a straight-line monthly basis. On April 1, 2021, under a cancelable lease, Cullumber leased the machine to Marigold Company for $770,000 a year for a 4-year period ending March 31, 2025. Cullumber incurred total maintenance and other related costs under the provisions of the lease of $28,000 relating to the year ended December 31, 2021. Harley paid $770,000 to Maris on April 1, 2018.Assuming an operating lease, what should be the income before income taxes derived by Cullumber Co. from this lease for the year ended December 31, 2021?

Income before income taxes