On July 15, 2024, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $810,000 and $355,000, respectively. On the date of the sale, the book value of the patent was $150,000, and the book value of the equipment was $436,000 (cost of $616,000 less accumulated depreciation of $180,000). 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.

On July 15, 2024, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $810,000 and $355,000, respectively. On the date of the sale, the book value of the patent was $150,000, and the book value of the equipment was $436,000 (cost of $616,000 less accumulated depreciation of $180,000). 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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