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Brief Exercise 15-8 (Algo) Operating lease; financial statement effects [LO15-4] At the beginning of its...

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Brief Exercise 15-8 (Algo) Operating lease; financial statement effects [LO15-4] At the beginning of its fiscal year, Lakeside Incorporated leased office space to LTT Corporation under a twelfth-year operating lease agreement. The contract calls for quarterly rent payments of $35,000 each. The office bullding was acquired by Lakeside at a cost of $3.0 milion and was expected to have a useful life of 30 years with no residual value. What will be the effect of the lease on LTT's earnings for the first year (ignore taxes)? Note: Enter your answer rounded to the nearest whole dollar

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