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Brief Exercise 15-2 Operating lease [LO15-4] At the beginning of its fiscal year, Lakeside Inc....

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Accounting

Brief Exercise 15-2 Operating lease [LO15-4] At the beginning of its fiscal year, Lakeside Inc. leased office space to LTT Corporation under a nine-year operating lease agreement. The contract calls for quarterly rent payments of $32,000 each. The office building was acquired by Lakeside at a cost of $2.7 million and was expected to have a useful life of 30 years with no residual value. What will be the effect of the lease on Lakesides earnings for the first year (ignore taxes)?

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