The Melton Company purchased a machine on January 1 , 2020 , for 900,000 for the express purpose of leasing it. The machine is expected to have a five-year life, no salvage value, and be depreciated on a straight-line basis. On March 1, 2020, Melton leased the machine to the Mantle Company for 300,000 a year for a four-year period ending February 28, 2024. Melton incurred total maintenance and other related costs under the provisions of the lease of 15,000 relating to the year ended December 31, 2020. Mantle paid 300,000 to Mellon on March 1, 2020. Under the operating method, what should be the income before income taxes derived by Melton from this lease for the year ended December 31, 2020? a. 55,000 b. 77,000 c. 85,000 d. 100,000