Solvent Inc. signs a 10-year lease for a building owned by Property Inc. that is appropriately classified as an operating lease by both the lessee and lessor. Lease payments are $135,000 per year. The building has an estimated useful life of 20 years with no salvage value. Assume that the building has a fair value of $2,000,000 at the commencement of the lease, and Property incurred maintenance costs of $10,000. What amount would Property Inc. recognize in its income statement (ignoring taxes) for the year ended December 31, 2020? Assume that Property Inc. is using the straight-line method to depreciate buildings.

	a.	Net income before taxes of $30,000
	b.	Net loss before taxes of $25,000
	c.	Net income before taxes $25,000
	d.	None of the above