Crestfield leases office space for $4,000 per month. On January 3, the company incurs $28,000 to...

 

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Crestfield leases office space for $4,000 per month. On January 3, the company incurs $28,000 to improve the leased office space. These improvements are expected to yield benefits for 4 years. Crestfield has 2 years remaining on its lease. What journal entry would be needed to record the expense for the first year related to the improvements? Multiple Choice Debit Depletion Expense $14,000: credit Accumulated Depletion $14.000. Debit Depletion Expense $28,000; credit Accumulated Depletion $28,000. Debit Amortization Expense $7,000; credit Accumulated Amortization $7,000. Debit Amortization Expense $14,000; credit Accumulated Amortization $14,000. Debit Depreciation Expense $7,000; credit Accumulated Depreciation $7,000. Crestfield leases office space for $4,000 per month. On January 3, the company incurs $28,000 to improve the leased office space. These improvements are expected to yield benefits for 4 years. Crestfield has 2 years remaining on its lease. What journal entry would be needed to record the expense for the first year related to the improvements? Multiple Choice Debit Depletion Expense $14,000: credit Accumulated Depletion $14.000. Debit Depletion Expense $28,000; credit Accumulated Depletion $28,000. Debit Amortization Expense $7,000; credit Accumulated Amortization $7,000. Debit Amortization Expense $14,000; credit Accumulated Amortization $14,000. Debit Depreciation Expense $7,000; credit Accumulated Depreciation $7,000.