Sweet Acacia Corp. sells idle machinery to Sandhill Company on July 1, 2023, for $96,000....
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Sweet Acacia Corp. sells idle machinery to Sandhill Company on July 1, 2023, for $96,000. Sweet Acacia agrees to repurchase this equipment from Sandhill on June 30, 2024, for a price of $101,760 (an imputed interest rate of 6%). COMPLETE PART B
Sweet Acacia Corp. sells idle machinery to Sandhill Company on July 1, 2023, for $96,000. Sweet Acacia agrees to repurchase this equipment from Sandhill on June 30,2024 , for a price of $101,760 (an imputed interest rate of 6% ). (a) Your answer is correct. Prepare the journal entry for Sweet Acacia for the receipt of cash from Sandhill 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 0 for the amounts. List debit entry before credit entry.) Attempts: 2 of 3 used (b) Prepare any other necessary journal entry for Sweet Acacia in 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.)
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