Crestfield leases office space. On January 3, the company incurs $35,000 to improve the leased office space. These improvements are expected to yield benefits for 20 years. Crestfield has 10 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 Depletion Expense $3,500; credit Accumulated Depletion $3,500. Debit Amortization Expense-Leasehold Improvements \$1,750; credit Accumulated Amortization-Leasehold Improvements $1,750. Debit Amortization Expense-Leasehold Improvements $3,500; credit Accumulated Amortization-Leasehold Improvements $3,500. Debit Depletion Expense $35,000; credit Accumulated Depletion $35,000. Debit Depreciation Expense \$1,750; credit Accumulated Depreciation $1,750