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At the beginning of its fiscal year, Lakeside Inc. leased office space to LTT Corporation...

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Accounting

At the beginning of its fiscal year, Lakeside Inc. leased office space to LTT Corporation under a ten-year operating lease agreement. The contract calls for quarterly rent payments of $33,000 each. The office building was acquired by Lakeside at a cost of $2.8 million and was expected to have a useful life of 25 years with no residual value. What will be the effect of the lease on LTTs earnings for the first year (ignore taxes)? (Enter your answer as a positive amount rounded to the nearest whole dollar.)

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