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Lease Income and Expense

Reuben Company retires a machine from active use on January $2,2019,$ for the express purpose of leasing it$.$ The machine had a carrying value of $$900,000$ after $12$ years of use and is expected to have $10$ more years of economic life. The machine is depreciated on a straight$-$line basis. On March $2,2019,$ Reuben leases the machine to Owens Company for $$180,000$ a year for a $5-$year period ending February $28,2024.$ Under the provisions of the lease, Reuben incurs total maintenance and other related costs of $$20,000$ for the year ended December $31,2019.$ Owens pays $$180,000$ to Reuben on March $2,2019.$ The lease was properly classified as an operating lease.

Required:

Compute the income before income taxes derived by Reuben from this lease for the calendar year ended December $31,2019.$

$

Compute the amount of rent expense incurred by Owens from this lease for the calendar year ended December $31,2019.$