On July 1 of the current year, Timberlake Company signed a contract to lease space in a building for 7 years. After taking possession of the leased space, Timberlake pays $140,000 for improving the office portion of the lease space. The improvements are paid on July 2 of the current year, and are estimated to have a useful life equal to 13 years. Prepare entries for Timberlake to record (a) its payment for the office improvements, (b) the December 31 year-end entry to amortize the office improvements.
What will be an ideal response?
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