On January 1, 2020, a machine was purchased for $800,000 by Marin 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 Cullumber 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 toble provided.) (a) How much should Marin report as income before income tax on this lease for 2020 ? Income before income tax Record the journal entries Cullumber would record for 2020 on this lease, assuming its incremental borrowing rate is 5% and the rate implicit in the lease is unknown. (Credit account titles are outomatically indented when the amount is entered. Do not indent monually. Round answers to 0 decimal places, es. 5,275. Record journal entries in the order presented in the problem.)