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Nelson Ltd sells machine to Dessin Ltd. On August 1, 2015 for 40,000 USD and agrees repurchase it on July 30, 2016 for the price

Nelson Ltd sells machine to Dessin Ltd. On August 1, 2015 for 40,000 USD and agrees repurchase it on July 30, 2016 for the price of 42,400 USD (the imputed interest rate is 6%). Please make all necessary journal entries during the period starting from August 1, 2015 and ending on July 30, 2016

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