Pharoah Corp. sells idle machinery to Sunland Company on July $1,2025,$ for $$38,000.$ Pharoah agrees to repurchase this equipment from Sunland on June $30,2026,$ for a price of $$39,900($an imputed interest rate of $5\%).$

$($a$)$

Prepare the journal entry for Pharoah for the transfer of the asset to Sunland 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 $1,2025],[,,,]]$