nts 03.03.26 amortization LO P4 On January 1 of this year, Diaz Boutique pays $160,000 to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases (does not own) its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. View transaction list eBook Hint References Journal entry worksheet 2 Record the cost of modernization of the store for $160,000 cash, Note: Enter debits before credits Date January 01 General Journal Debit Credit