Ryan CorpEnters into and Sale and Leaseback Agreement with Geisler Corp

Ryan Corp.enters into and sale and leaseback agreement with Geisler Corp.Ryan Corp.sold its building to Geisler Corp.for $400,000.The building had a historical cost of $600,000 and accumulated depreciation of $300,000.Ryan Corp.then leased it back from Geisler corp.for
$80,000 per year for 8 years.The lease qualifies as a finance lease.It is Ryan Corp's policy to depreciate buildings over 10 years.Prepare the journal entry to record the amortization for the first year.(assume a January 1 transaction and a December 31 year end).