On January 1, 2020, a machine was purchased for $1,080,000 by Shamrock 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 Pharoah Inc. for 3 years on January 1, 2020, with annual rent payments of $ 275,000 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) ta) How much should Shamrock report as income before income tax on this lease for 2020? Income before income tax S