Sweet Acacia Corp. sells idle machinery to Sandhill Company on July 1, 2023, for $96,000. Sweet Acacia agrees to repurchase this equipment from Sandhill on June 30, 2024, for a price of $101,760 (an imputed interest rate of 6%).

Prepare the journal entry for Sweet Acacia for the receipt of cash from Sandhill on July 1, 2023. (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 O for the amounts. List debit entry before credit entry.) eTextbook and Media List of Accounts Attempts: 0 of 3 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above