Phoenix Agency leases office space for $7,300 per month. On January 3, Phoenix incurs $38,400 to improve the leased office space. These improvements are expected to yield benefits for 5 years. Phoenix has 3 years remaining on its lease. Compute the amount of expense that should be recorded the first year related to the improvements. Multiple Choice $7,300 $14,980. $12,800. $20,100. $7680