Exercise 21-18 (Part Level Submission) On January 1, 2020, a machine was purchased for $940,000 by Tamarisk Co. The machine is expected to have an 8-year life with no salvage value. It is to be depreciated on a straight-line basis. The machine was leased to Carla Vista Inc. for 3 years on January 1, 2020, with annual rent payments of $265,000 due at the beginning of each year, starting January 1, 2020. The machine is expected to have a residual value at the end of the lease term of $562,500, though this amount is unguaranteed. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) How much should Tamarisk report as income before income tax on this lease for 2020? Income before income tax Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Attempts: 0 of 5 used