Cullumber Corp. sells idle machinery to Crane Company on July $1,2025,$ for $$29,000.$ Cullumber agrees to repurchase this equipment from Crane on June $30,2026,$ for a price of $$30,740($an imputed interest rate of $6\%).$

$($a$)$

Prepare the journal entry for Cullumber for the transfer of the asset to Crane 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.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[$July $1,2025,,,],[,,,]]$