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What will be the effect of the lease on LTTs earnings

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Question - At the beginning of its fiscal year, Lakeside inc. leased office space to LTT Corp under a eight-year operating lease agreement. The contract calls for quarterly rent payments of $26,000 each. The office building was acquired by Lakeside at a cost of $2.1 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 LTT's earnings for the first year (ignore taxes)?

Reference no: EM132845479

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