Part $2$:

ABC company sells machinery to XYX company on July $1,2022,$ for JOD$40,000.$ ABC agrees to repurchase this equipment from XYZ on June $30,2023,$ for a price of JOD$42,400.$

Prepare the journal entry for ABC company for the transfer of the asset to Enyart on July $1,2022(1$ Marks$).$

Prepare the journal entry for ABC company on Dec. $31,2022(1$ Marks$).$