INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $750,000 and $325,000, respectively. On the date of the sale, the book value of the patent was $120,000, and the book value of the equipment was $400,000 (cost of $550,000 less accumulated depreciation of $150,000). Prepare separate journal entries to record (1) the sale of the patent and (2) the sale of the equipment.
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).
Note: Enter debits before credits.
Event
2
General Journal
Debit
Credit
On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $930,000 and $415,000, respectively. On the date of the sale, the book value of the patent was $ $210,000, and the book value of the equipment was $508,000 (cost of $748,000 less accumulated depreciation of $240,000)
Prepare the journal entries to record the sales of the patent and equipment.
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- On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore 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 patent for $910,000. On the date of the sale, the book value of the patent was $200,000.arrow_forwardOn 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. ote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.arrow_forwardOn 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).arrow_forward
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