Z leased equipment that had a retail cash selling price of $$1,080,000$ and a useful life of five years with no residual value.The lessor paid $$972,000$ to acquire the equipment and used an implicit rate of $11\%$ when calculating annual lease payments of $$263,258$ beginning January $1,$ at the beginning of the lease. Incremental costs of negotiating and consummating the completed lease transaction incurred by the lessor were $$11,000.$ What is the effect of the lease on the lessor's earnings during the first year $($ignore taxes$)?$