QS 10-12 Intangible assets and amortization LO P4 On January 4 of this year, Diaz Boutique incurs a $175,000 cost 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 its store and has 8 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 2 Record the cost of modernization of the store for $175,000 cash. Note: Enter debits before credits.