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Sunland Corp. sells idle machinery to Sandhill Company on July 1, 2025, for $39,000. Suniand...

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Sunland Corp. sells idle machinery to Sandhill Company on July 1, 2025, for $39,000. Suniand agrees to repurchase this equipment from Sandhill on June 30,2026, for a price of $41,730 (an imputed interest rate of 7% ). (a) Your answer is correct. Prepare the journal entry for Sunland for the transfer of the asset to Sandhillon July 1,2025. (Credit account tities are automotically 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.) Prepare any other necessary journal entries for Sunland in 2025. (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 omounts. List debit entry before credit entry. Record journal entries in the order presented in the problem.)

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