at the beginning of its fiscal year, Sommers Co. leased office space for a 30...
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Accounting
at the beginning of its fiscal year, Sommers Co. leased office space for a 30 year period. prior to occupying the office, Sommers needed to make renovations costing 575,000 with an expected useful life of 25 years. The renovations are to be recorded as leasehold improvements. Assuming that Sommers uses the straight-line method, prepare the journal entry to record the first years amortization
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