Sheridan Co$.$ bought equipment and immediately leased it to Sheffield Company on May $1,2025.$ At that time the collectability of the lease payments was not probable. The lease expires on May $1,2026.$ Sheffield could have bought the equipment from Sheridan for $$5250000$ instead of leasing it$.$ Sheridan's accounting records showed a book value for the equipment on May $1,2025,$ of $$4550000.$ Sheridan's depreciation on the equipment in $2025$ was $$560000.$ In $2025,$ Sheffield paid $$1092000$ in rentals to Sheridan for the $8$ month period. Sheridan incurred maintenance and other related costs under the terms of the lease of $$105000$ in $2025.$ After the lease with Sheffield expires, Sheridan will lease the equipment to another company for two years.

The income before income taxes derived by Sheridan from this lease for the year ended December $31,2025,$ should be