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 Journal entry worksheet Record the cost of modernization of the store for $160,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal