On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roque more Corporation for $910,000 and $405,000, respectively. On the date of the sale, the book value of the patent was $ $200,000, and the book value of the equipment was $496,000 (cost of $726,000 less accumulated depreciation of $230,000) Prepare the journal entries to record the sales of the patent and equipment 1 2 Record the sale of the equipment for $405,000. On the date of the sale, the book value of the equipment was $496,000 (cost of $726,000 less accumulated depreciation of $230,000).

On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roque more Corporation for $910,000 and $405,000, respectively. On the date of the sale, the book value of the patent was $ $200,000, and the book value of the equipment was $496,000 (cost of $726,000 less accumulated depreciation of $230,000) Prepare the journal entries to record the sales of the patent and equipment 1 2 Record the sale of the equipment for $405,000. On the date of the sale, the book value of the equipment was $496,000 (cost of $726,000 less accumulated depreciation of $230,000).

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 8MC: On July 1, 2018, Mundo Corporation purchased factory equipment for 50,000. Residual value was...

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On July 15, 2024, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $770,000 and $335,000, respectively. On the date of the sale, the book value of the patent was $130,000, and the book value of the equipment was $412,000 (cost of $572,000 less accumulated depreciation of $160,000). Prepare the journal entries to record the sales of the patent and equipment. Record the sale of the patent for $770,000. On the date of the sale, the book value of the patent was $130,000. Record the sale of the equipment for $335,000. On the date of the sale, the book value of the equipment was $412,000 (cost of $572,000 less accumulated depreciation of $160,000).
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