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Crestfield leases office space for $7,000 per month. On January 3, the company incurs $23,000...

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Accounting

Crestfield leases office space for $7,000 per month. On January 3, the company incurs $23,000 to improve the leased office space. These improvements are expected to yield benefits for 5 years. Crestfield has 2 years remaining on its lease. What journal entry would be needed to record the expense for the first year related to the improvements?

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