On January 4 of this year, Brasen Boutique incurs a $275,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 10 years. Brasen leases its store and has eight years remaining on the lease. Prepare the entry to record.
(1) The cost of modernization.
(2) Amortization at the end of this current year.