On July 15, 2016, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $900,000 and $400,000, respectively. The book value of the patent and equipment on the date of sale were $195,000 and $490,000 (cost of $715,000 less accumulated depreciation of $225,000), respectively.
Required:
Prepare the journal entries to record the sales of the patent and equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field
1)record sale of patent
2) record sale of equipment
