Blossom Corp. sells idle machinery to Cullumber Company on July 1, 2025, for $41,000. Blossom agrees to repurchase this equipmen from Cullumber on June 30, 2026, for a price of $43,870 (an imputed interest rate of 7%). (a) Your answer is correct. Prepare the journal entry for Blossom for the transfer of the asset to Cullumber on July 1, 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 0 for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation July 1, 2025 Cash Liability to Cullumber Company Debit 41000 Credit 41000 Prepare any other necessary journal entries for Blossom 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 amounts. List debit entry before credit entry. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit