QS 8-12 Intangible assets and amortization LO P4 On January 4 of this year, Diaz Boutique Incurs a $120,000 cost to modernize Its store. Improvements include new floors, cetlings wiring. and wall coverings. These improvements are estimated to yleld benefits for 8 years. Diaz leases 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 Record the cost of modernization of the store for $120,000 cash. nces Note: Enter debits before credits Date General Journal Debit Credit Jan 04 Record entry Clear entry View general joumal BIu nu5 J VeaS 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 ist Journal entry worksheet 1 Record the year-end adjusting entry for the amortization expense of the leasehold improvements. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal