On January 1 of this year, a company pays $165,000 cash to modernize its store with new flooring, internet wiring, and wall fixtures. These improvements are estimated to yield benefits for 10 years. The company leases (does not own) its store and has 8 years remaining on the lease. 1. & 2. Prepare the entry to record its cash payment for the leasehold improvements and the December 31 year-end entry to amortize the leasehold improvements. View transaction list Journal entry worksheet < 1 2 Record the cost of modernization of the store for $165,000 cash. >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Journal entry worksheet
1
2
Record the year-end adjusting entry for the amortization expense of the
leasehold improvements.
Note: Enter debits before credits.
Date
December
31
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
Transcribed Image Text:Journal entry worksheet 1 2 Record the year-end adjusting entry for the amortization expense of the leasehold improvements. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal
On January 1 of this year, a company pays $165,000 cash to modernize its store with new flooring, internet wiring, and wall fixtures.
These improvements are estimated to yield benefits for 10 years. The company leases (does not own) its store and has 8 years
remaining on the lease.
1. & 2. Prepare the entry to record its cash payment for the leasehold improvements and the December 31 year-end entry to amortize
the leasehold improvements.
View transaction list
Journal entry worksheet
1
2
Record the cost of modernization of the store for $165,000 cash.
Note: Enter debits before credits.
Date
January
01
General Journal
Debit
Credit
>
Transcribed Image Text:On January 1 of this year, a company pays $165,000 cash to modernize its store with new flooring, internet wiring, and wall fixtures. These improvements are estimated to yield benefits for 10 years. The company leases (does not own) its store and has 8 years remaining on the lease. 1. & 2. Prepare the entry to record its cash payment for the leasehold improvements and the December 31 year-end entry to amortize the leasehold improvements. View transaction list Journal entry worksheet 1 2 Record the cost of modernization of the store for $165,000 cash. Note: Enter debits before credits. Date January 01 General Journal Debit Credit >
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