Flint Properties leased land to Manger Inc. for a lease term of $20$ years. Manger constructed a building on the property at a cost of

$$126,000$ paying cash. The building has an estimated useful life of $25$ years, no residual value and occupancy took place on January $1,$

$2022,$ the first day of the lease period. Manger uses straight line depreciation.

Prepare the appropriate journal entry to record the depreciation of leasehold improvements for the year ending December $31,2022.$

$($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry"

for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation