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i need help 4. Douglas Corp. began leasing retail space at Crabtree Valley Mall on April 1, 2023. Before opening its new store, Douglas spent
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4. Douglas Corp. began leasing retail space at Crabtree Valley Mall on April 1, 2023. Before opening its new store, Douglas spent $6,000 on special lighting for the store. The lease term is ten (10) years, and the special lighting has an economic life of five (5) years. Which statement shows the correct accounting treatment for the new lighting in 2023? A. Douglas should debit its "Leasehold Improvements" account for $6,000 and depreciate the lighting over its economic life of five (5) years. B. Douglas should debit its "Leasehold Improvements" account for $6,000 and depreciate the lighting over the lease term of ten (10) years. C. Douglas should debit its "Repairs and Maintenance Expense" account by $6,000. D. Douglas should debit its "Cost of Goods Sold" account by $6,000. E. Douglas should debit its "Leasehold Improvements" account for $6,000 but not depreciate the lighting Step by Step Solution
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