connect. ACCOUNTING Ch. 15 Exercise Homework Questlon 0.00 points At the beginning of its fiscal year, Lakeside Inc. leased office space to LTT Corporation under a ten-year operating lease agreement. The contract calls for quarterly rent payments of $40,000 each. The office bulding was acqured by Lakeside at a cost of $3,5 million and was expected to have a useful life of 35 years with no residual value What will be the effect of the lease on LTT's earmings for the first year (ignore taxes)? References eBook & Resources Difficulty: '1 Easy esc 2 3 4 5