On January $1$ of this year, Diaz Boutique pays $$205,000$ to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for $10$ years. Diaz leases $($does not own$)$ its store and has $8$ years remaining on the lease.

& $2.$ Prepare the journal entry to record the cost of modernization and amortization at the end of this current year.

Journal entry worksheet

$1$

$2$

Record the cost of modernization of the store for $$205,000$ cash.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,,,],[,,,]]$