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Windsor Corp. sells idle machinery to Enyart Company on July 1,2020 , for $29,000. Windsor agrees to repurchase this equipment from Enyart on June 30,2021,
Windsor Corp. sells idle machinery to Enyart Company on July 1,2020 , for $29,000. Windsor agrees to repurchase this equipment from Enyart on June 30,2021, for a price of $30,740 (an imputed interest rate of 6% ). (a) Prepare the journal entry for Windsor for the transfer of the asset to Enyart 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.)
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