Maple Corporation sells farm machinery on the installment plan. On July 1, 2014, it entered into an installment sale contract with Agriculture, Inc., for an eight-year period. Equal annual payments under the installment sale are $100,000 and are due on July 1. The first payment was made on July 1, 2014. Additional information follows:
• The amount that would be realized on an outright sale of similar farm machinery is $556,000.
• The cost of the farm machinery sold to Agriculture is $417,000.
• The finance charges relating to the installment period are $244,000 based on a stated interest rate of 12%, which is appropriate.
• Circumstances are such that the collection of the installments due under the contract is reasonably assured.

Required:
What income or loss before income taxes should Maple record for the year ended December 31, 2014, as a result of this transaction? Show supporting computations in good form.