$13$ QS $8-15($Algo$)$ Intangible assets and amortization LO P$4$

On January $1$ of this year, Diaz Boutique pays $$170,000$ to modernize its store. Improvements include new floors, cellings, wiring. and wall coverings. These improvements are estimated to yield benefits for $8$ years. Diaz leases $($does not own$)$ its store and has $5$ years remaining on the lease.

& $2.$ Prepare the journal entry to record the cost of modernization and amortization at the end of this current year.

Journal entry worksheet

$1$

$2$

Record the cost of modernization of the store for $$170,000$ cash.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Joumal,Debit,Credit$],[$January $01],2$nd part record the year end adjusting entry for the amortization exspens of the leasehold improvements.