Book page formatting

Question

I am a novice Latex user. I am planning to write a book which should be in 8.5" by 5.5" (text area is 4" by 6.5"). But I have to write the draft in a4 size paper which is bigger than the statement size. Now I make the page in a4 size to be printed as draft for proof-reading.

I want to set the margins of statement size paper inside the a4 sized paper shown in the figure below (Note: the measurements are not correct, my question is to set the right measurement actually). How to do that?

I tried:

\documentclass[a4paper,11pt,twoside,showtrims]{book}                                                                  
% \documentclass[statementsize,11pt,twoside,showtrims]{book}

\trimFrame  
\settrimmedsize{210mm}{145mm}{*} 
\settrims{20mm}{34mm} 

\usepackage{lipsum}


\begin{document}
\lipsum[1-4]
\lipsum[1-4]
\lipsum[1-4]
\lipsum[1-4]
\lipsum[1-4]

\end{document}

Answer 1

I think that this does what yo want (memoir is a superset of the book class).

% papersizeprob.tex  SE 625381

\documentclass[statementpaper,11pt]{memoir} % paper/stock size 8.5 by 5.5in
\pagestyle{showlocs}  % deliniate the textblock and headers/footers

\setlrmarginsandblock{0.875in}{1.125in}{*} % set spine/edge margins and textblock
\setulmarginsandblock{1.125in}{0.875in}{*} % set upper/lower margins and textblock

\checkandfixthelayout

%\documentclass[a4paper,11pt,twoside,showtrims]{book}
%\documentclass[statementsize,11pt,twoside,showtrims]{book}

%\trimFrame  
%\settrimmedsize{210mm}{145mm}{*} 
%\settrims{20mm}{34mm} 

\usepackage{lipsum}

\begin{document}
\lipsum[1-4]
\lipsum[1-3]
%\lipsum[1-4]
%\lipsum[1-4]
%\lipsum[1-4]

\end{document}