On July 15, 2024, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $850,000...

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On July 15, 2024, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $850,000 and $375,000, respectively. On the date of the sale, the book value of the patent was $170,000, and the book value of the equipment was $460,000 (cost of $660,000 less accumulated depreciation of $200,000). Prepare the journal entries to record the sales of the patent and equipment. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet > 1 2 Record the sale of the patent for $850,000. On the date of the sale, the book value of the patent was $170,000. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal > On July 15, 2024, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $850,000 and $375,000, respectively. On the date of the sale, the book value of the patent was $170,000, and the book value of the equipment was $460,000 (cost of $660,000 less accumulated depreciation of $200,000). Prepare the journal entries to record the sales of the patent and equipment. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet > 1 2 Record the sale of the patent for $850,000. On the date of the sale, the book value of the patent was $170,000. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal >