Brief Exercise 15-9 (Static) Operating lease; financial statement effects [LO15-4] At the beginning of its fiscalyear, Lakeside Incorporated leased office space to LTT Corporation under a seven-year operating lease agreement. The contract calls for quarteriy rent payments of $25,000 each. The office building was acquired by Lakeside at a cost of $2 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 Lakeside's eamings for the fist year (gnore taxes)? Note: Enter your answer rounded to the nearest whole dollar