PP Inc. currently leases an office building. It initiated the original 23-year lease 17 years ago, so

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PP Inc. currently leases an office building. It initiated the original 23-year lease 17 years ago, so 6 years remain on the lease. On January 1, PP paid $28,500 to install a new heating and cooling system with a 12-year estimated useful life that it expects to use ratably over the remaining term of the lease. What is the journal entry to record the expenditure? How much amortization will PP report and for how many years? What is the journal entry for the first year?

Posted Date: Nov 19, 2021 09:12 PM

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PP Inc. currently leases an office building. It initiated the original 23-year lease 17 years ago, so

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