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Phoenix Agency leases office space. On January 3, Phoenix incurs $69,600 to improve the leased...

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Accounting

Phoenix Agency leases office space. On January 3, Phoenix incurs $69,600 to improve the leased office space. These improvements are expected to yield benefits for 8 years. Phoenix has 6 years remaining on its lease. Compute the amount of expense that should be recorded the first year related to the improvements.

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