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Phoenix Agency leases office space. On January 3, Phoenix incurs $78,000 to improve the leased...

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Accounting

Phoenix Agency leases office space. On January 3, Phoenix incurs $78,000 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.

Multiple Choice $9,750.

$20,500.

$17,250.

$13,000.

$7,500.

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