Ryan Corp.is a manufacturer of high tech golf carts.On December 31, 1999, Ryan Corp.leases 100 golf carts to a local golf course for five years at $95,000 per year payable at the beginning of the lease term.The normal cash sales price of the carts is $3,500 each.The carts cost Ryan Corp.$3,000 each to manufacture.The lease meets all the conditions necessary to be a sales-type lease from the lessor's point of view.Provide the journal entry(ies)on December 31x1 to account for the lease and the first payment on December 31x2

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The Answer of Ryan Corp.is a manufacturer of high tech golf carts.On December 31, 1999, Ryan Corp.leases 100 golf carts to a local golf course for five years at $95,000 per year payable at the beginning of the lease term.The normal cash sales price of the carts is $3,500 each.The carts cost Ryan Corp.$3,000 each to manufacture.The lease meets all the conditions necessary to be a sales-type lease from the lessor's point of view.Provide the journal entry(ies)on December 31x1 to account for the lease and the first payment on December 31x2

Ryan CorpIs a Manufacturer of High Tech Golf Carts