Kiese, Intermediate Accounting, IFRS, 2e Help System Announcements PRINTER VERSION Exercise 21-13 on January 1, 2015, a machine was purchased for $900,000 by Floyd Co. The machine is expected to have an 8 year life with no real value. It is to be deprecated on a straight line besis. The machine was leased to Crampton Inc. on January 1, 2015, at an annual rental of $180,000. Other relevant information is as follows 1. The lease term is for years. 2. Floyd Coincurred maintenance and other executory costs of 25.000 in 2015 related to the tease. 3. The machine could have been sold by Floyd Co. for $940,000 instead of leasing 4. Crampton is required to pay a rent security deposit of $35,000 and to prepay the last month's rent of $15,000 How much should loyd Co. report as income before income tax on this sease for 2015 Income before income tax What amount should Crampton Inc. report for rent expense for 2015 on this lease? Rent experwe