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Metlock Corp. sells idlemachinery to Hollis Company on July 1. 2020, for $29,000. Metlock agrees...

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Accounting

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Metlock Corp. sells idlemachinery to Hollis Company on July 1. 2020, for $29,000. Metlock agrees to repurchase this equipinent trom Hollis on June 30, 2021, tor a price of $30,740 (an imputed interest rate of 6%1. (a) - Your answer is partially correct. Prepare the journal entry for Metlock for the transfer of the asset to Hollis on July 1.2020. (Credit eccount tities are automotically Indented when the omount is entered. Do not indent manually. If no entry is required, select 'No entey' for the account tities and enter O for the arnounts. Prepare any other necessary journal entries for Metlock in 2020. (Credit occount tilies ore automatically indented atwen the amount bs entend. Do not indent manwally if no entry la revided select "Wo entry" for the occount tieles and enter O for the amounts) erextbook and Media List of Accounts Attempts 0 of 3 used (c) The parts of this nuestion munt be completed in order. This part will be avallable wbery you complete the part above

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