Carla Vista Corp. sells idle machinery to Hollis Company on July $1,2025,$ for $$71,600.$ Carla Vista agrees to repurchase this equipment from Hollis on June $30,2026,$ for a price of $$75,896($an imputed interest rate of $6\%).$

$($a$)$

Prepare the journal entry for Carla Vista for the transfer of the asset to Hollis on July $1,2025.($List debit entry before credit entry. 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.$)$

Date Account Titles and Explanation

July $1.$ Debit

$2025$

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