Question: reduced is correct 20,000 is incorrect At the beginning of its fiscal year, Lakeside inc. leased office space to LTT Corporation under a twelfth-year operating

reduced is correct

20,000 is incorrect

At the beginning of its fiscal year, Lakeside inc. leased office space to LTT Corporation under a twelfth-year operating lease agreement. The contract calls for quarterly rent payments of $34,000 each. The office buliding was acquired by Lakeside at a cost of $2.9 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 LTT's earnings for the first year (ignore taxes)? (Enter your answer as a positive amount rounded to the nearest whole dollar.)

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