At the beginning of its fiscal year, Esteban Co. leased office space for a 40-year period. Prior to occupying the office, Esteban needed to make renovations costing $ 950,000 with an expected useful life of 10 years. The renovations are to be recorded as leasehold improvements. Assuming that Esteban uses the straight-line method, prepare the journal entry to record the first year's amortization.