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On January 1 of this year, Diaz Boutique pays $170,000 to modernize its store. Improvements include new floors, ceilings, 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.
Required:
Prepare the journal entry to record the cost of modernization and amortization at the end of this current year.
Sagot :
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