Kingbird Corp. sells idle machinery to Enyart Company on July 1, 2017, for $46,000. Kingbird agrees to repurchase this equipment from Enyart on June 30, 2018, for a price of $47,840 (an imputed interest rate of 4%).

Prepare the journal entry for Kingbird for the transfer of the asset to Enyart on July 1, 2017

Prepare any other necessary journal entries for Kingbird in 2017

Prepare the journal entry for Kingbird when the machinery is repurchased on June 30, 2018