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Sandhill Inc. enters into an agreement on March 1,2023, to sell aluminum ingots for \$400,000...

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Accounting

Sandhill Inc. enters into an agreement on March 1,2023, to sell aluminum ingots for \$400,000 cash to Sweet Acacia Metal Company. As part of this agreement, Sandhill also agrees to repurchase the ingots from Sweet Acacia in 60 days at the original sales price of \(\$ 400,000\) plus \(2\%\).
(a) Prepare the journal entry necessary on March 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 0 for the amounts. List debit entry before credit entry.)
(b) Prepare the journal entry for the repurchase of the ingots on May 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
all debit entries before credit entries.)
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