On January 1 of this year, Diaz Boutique pays $120,000 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 Journal entry worksheet < 1 2 Record the cost of modernization of the store for $120,000 cash. Note: Enter debits before credits. Date Jan 01 General Journal Debit Credit