At the beginning of its fiscal year, Beau Co. leased office space for a 20- year period. Prior to occupying the office, Beau needed to make renovations costing $ 750,000 with an expected useful life of 15 years. The renovations are to be recorded as leasehold improvements. Assuming that Beau uses the straight- line method, prepare the journal entry to record the first year’s amortization.