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Sunland Corp. sells idle machinery to Sandhill Compamy on July 1,2025, for $31,000. Sunland agrees...

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Sunland Corp. sells idle machinery to Sandhill Compamy on July 1,2025, for $31,000. Sunland agrees to repurchase this equipment. from Sandhill on June 30,2026 , for a price of $33.170 (an imputed interest rate of 7% ) (a) Your answer is correct Prepare the journal entry for Sunland for the transfer of the asset to Sandhil on Juy 1,2025. (Credit occount fitles are outomatically indented when the amount is entered. Do not indent manually, if no entry is required select $ No entry for the account tities and enter of or the amounts Uist debit entry before credit entry! List of Accounts (b) Youranswer is incorited Preoure any other necestary ourna entrias for sunland in 2025 i Credit occount tiles are outomatically indented when the omount is entered. Do not indent manualk it no entry is required, select "No entry" for the occount titles and enter o for the amounts. List detit entry before credit entry. Recond journal entries in the onder peresented in the sroblem

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