On July 1, 2020, Limon leased a piece of equipment to Wolford Industries for a three-year period expiring June 30, 2023, for $75,000 a month. Limon purchased the equipment on July 1, 2020, for $4,800,000. The equipment is being depreciated on a straight-line basis over an eight-year period with no salvage value. Assuming that the lessor, Limon, and the lessee, Wolford, properly record the lease as an operating lease for accounting purposes, what is the amount of income (expense) before income taxes that each would record as a result of the above facts for the year ended December 31, 2020? Select answer from the options below Limon would report $150,000 in income Wolford would report expenses of $150,000. Limon would report $450,000 in income and Wolford would report expenses of $450,000. Limon would report $150,000 in income and Wolford would report expenses of $450,000. Limon would report $150,000 as a net loss and Wolford would report expenses of $450,000