Question: Exercise 3 - 8 points max Nelson Ltd sells machine to Dessin Ltd. On August 1, 2015 for 40,000 USD and agrees repurchase it on

Exercise 3 - 8 points max Nelson Ltd sells machine to

Exercise 3 - 8 points max Nelson Ltd sells machine to Dessin Ltd. On August 1, 2015 for 40,000 USD and agrees repurchase it on July 30, 2016 for the price of 42,400 USD (the imputed interest rate is 6%). Please make all necessary_journal entries during the period starting from August 1, 2015 and ending it on July 30, 2016

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