On July 1 of the Current Year,Timberlake Company Signed a Contract

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.