Crestfield leases office space. On January 3, the company incurs $30,000 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 $7,500, credit Accumulated Amortization-Leasehold Improvements $7,500 Debit Depletion Expense $15,000, credit Accumulated Depletion $15,000. EAA EAA Phoenix Agency leases office space. On January 3, Phoenix Incurs $72,600 to improve the leased office space. These improvements are expected to yield benefits for 8 years. Phoenix has 6 years remaining on its lease. Compute the amount of expense that should be recorded the first year related to the improvements. Multiple Choice $9,075 $12.100 $15.675