QS 8-15 (Algo) Intangible assets and amortization LO P4 On January 1 of this year, Diaz Boutique pays $180,000 to modernize its store. Improvements include new floors, cellings, wiring and wall coverings. These improvements are estimated to yield benefits for 8 years. Dlaz teases (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 yest View transaction ist Journal entry worksheet 2 Record the year-end adjusting entry for the amortization expense of the leasehold improvements Note: Enter debits before credit Debit Credit Date December 31 General Journal Amortization expense Leasehold improvements Accumulated amortization-Leasehold improvements View general journal Clear entry Record entry