Question: Please help with the amounts for the Dec 31st entries. Thanks! QS 8-12 Intangible assets and amortization LO P4 On January 4 of this year,

Please help with the amounts for the Dec 31st entries. Thanks!

QS 8-12 Intangible assets and amortization LO P4 On January 4 of this year, Diaz Boutique incurs a $125,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 10 years. Diaz leases its store and has 8 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. Answer is not complete. No Date General Journal Debit Credit 125,000 Jan 04Leasehold improvements Cash 125,000 Dec 31 Amortization expense-Leasehold improvements Accumulated amortization-Leasehold improvements

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