4123 12 14 16 181011211141151118812011221 124 125 128 13011321 134 135 1381 1401 . 144: 15 Ritt Ranch & Farm is a distributor of ranch and farm equipment. Its products include small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Ritt's products. Unit pricing and cost information on three of Ritt's most popular products are as follows. Standalone Item Selling Price (Cost) Mini-trencher $3,600 ($2,000) Power fence hole auger 1,200 (800) Grain/hay dryer 14,000 (11,000) Ritt sells three grain/hay dryers to a local farmer at a total contract price of $45,200. In addition to the dryers. Ritt provides installation, which has a standalone selling price of $1,000 per unit installed. The contract payment also includes a $1,200 maintenance plan for the dryers for 3 years after installation Ritt signs the contract on June 20, 2022, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2022, and full payment is made to Ritt. Required: Prepare the journal entries for Ritt which related to the above arrangement for the year ended 31. December, 2022