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Prepare journal entries for Flush Corp

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Reference no: EM133189040

Question - On August 1, 2019, Brady Ltd. entered into a contract to sell equipment to Flush Corporation for $80,000 (cash sale on August 1). At the same time, both companies agreed that Brady Ltd should repurchase the same equipment from Flush Corporation on June 30, 2020, for a price of $85,500 (cash repurchase).

Required - Prepare journal entries for Flush Corp. on three dates: August 1, 2019, December 31, 2019, and June 30, 2020.

Reference no: EM133189040

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