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Pharoah Corp. sells idle machinery to Carla Vista Company on July 1,2023, for \(\$ 93,000\)....

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Accounting

Pharoah Corp. sells idle machinery to Carla Vista Company on July 1,2023, for \(\$ 93,000\). Pharoah agrees to repurchase this equipment from Carla Vista on June 30,2024, for a price of \$98,580(an imputed interest rate of 6\%).
(a)
Prepare the journal entry for Pharoah for the receipt of cash from Carla Vista on July 1,2023.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)
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