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On April 30, 2020 a company made improvements to leased property (walls, electrical work etc) for $91,000. The improvements are expected to last 20 years.

On April 30, 2020 a company made improvements to leased property (walls, electrical work etc) for $91,000. The improvements are expected to last 20 years. The lease expires in 14 years with no option for renewal.

Required: SHOW ALL WORK!!!!!

  1. Prepare the journal entry to record the payment for the improvements.
  2. Prepare the journal entry to record the amortization expense for BOTH 2020 AND 2021 (make a separate journal entry for each year).

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