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Carla Vista Corp. sells idle machinery to Wildhorse company on July 1, 2025, for $39,000. Carla Vista agrees to repurchase this equipment from Wildhorse on

Carla Vista Corp. sells idle machinery to Wildhorse company on July 1, 2025, for $39,000. Carla Vista agrees to repurchase this equipment from Wildhorse on June 30, 2026, for a price of $41,340 (an imputed interest rate of 6%).

Prepare the journal entry for Carla Vista for the transfer of the asset to Wildhorse on July 1, 2025.

Debit Credit

July 1, 2025 _________ _______ _______

_________ _______ _______

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