At the beginning of its fiscal year, Mantenga Co. leased office space for a 40-year period. Prior to occupying the office, Mantenga needed to make renovations costing $800,000 with an expected useful life of 10 years. The renovations are to be recorded as leasehold improvements. Assuming that Mantenga uses the straight-line method, prepare the journal entry to record the first year's amortization. (Record debits first, then credits. Exclude explanations from any journal entries. Mantenga Co.'s policy is to record amortization expense directly into the intangile asset account rather than using a contra asset account.) Account Year-end Adjusting Entry