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On July 15, 2018, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for...

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Accounting

On July 15, 2018, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $840,000 and $370,000, respectively. The book value of the patent and equipment on the date of sale were $165,000 and $454,000 (cost of $649,000 less accumulated depreciation of $195,000), respectively. 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.)

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