Developer Inc. was formed on May, 2020 when Developer Inc. sold 1,000,000 common shares to investors for $1,000,000 in cash. On the same day, Developer Inc. purchased land and an office building for $1,000,000 cash. The purchase price of $1,000,000 consisted of land valued at $400,000 and the office building valued at $600,000 Developer Inc. has decided to depreciate the office building on a straight line basis over a 40 year period with a $60,000 estimated residual value. On May 1, 2020 Developer Inc. rented the office building to a tenant. On May 1, 2020 the tenant paid Developer Inc. $360,000 rent for the period May 1, 2020 to April 30, 2021. The tenant paid all costs relating to the office building as part of the rental agreement. Developer Inc. had no other transactions durikg the year. Developer Inc. has a December 31 fiscal year and pays income tax at a rate of 30%. Required: a. Calculate the amount of net income (loss) earned by Developer Inc. during the fiscal period ended December 31, 2020. b. Calculate the deferred rental revenue (if any) that Developer Inc. will report on it's December 31, 2020 Statement of Financial Position