Crestfield leases office space. On January $3,$ the company incurs $$33,000$ to improve the leased office space. These improvements are

expected to yield benefits for $4$ years. Crestfield has $2$ years remaining on its lease. What journal entry would be needed to record the expense

for the first year related to the improvements?

Multiple Choice

Debit Amortization Expense$$Leasehold Improvements $$8,250$; credit Accumulated Amortization$-$Leasehold Improvements

$$8,250.$

Debit Depletion Expense $$16,500$; credit Accumulated Depletion $$16,500.$

Debit Depreciation Expense $$8,250$; credit Accumulated Depreciation $$8,250.$

Debit Depletion Expense $$33,000$; credit Accumulated Depletion $$33,000.$

Debit Amortization Expense$-$Leasehold Improvements $$16,500$; credit Accumulated Amortization$-$Leasehold Improvements

$$16,500.$