Whispering Winds Corp, sells idle machinery to Pharoah Company on July 1, 2020, for $84,000. Whispering Winds agrees to repurchase this equipment from Pharoah on June 30, 2021, for a price of $89,040 (an imputed interest rate of 6%). Prepare the journal entry for Whispering Winds for the receipt of cash from Pharoah on July 1, 2020. (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) Date Account Titles and Explanation Debit Credit July 1, Cash 84000 2020 84000 List of Accounts Prepare any other necessary journal entry for Whispering Winds in 2020. (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.) Date Account Titles and Explanation Debit Credit December Interest Expense 2520 31, 2020 Interest Payable 2520 List of Accounts Prepare the joumal entries for Whispering Winds when the machinery is repurchased on June 30, 2021. (Credit account titles are automatically indented when the armount Is entered. Do not Indent manually. If no entry Is required, select "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit June 30, Interest Experese 2520 2021 Interest Payable 2520 (To record interest expense) June 30, 2021 (To record repayment) List of Accounts