Business, 12.04.2021 23:40 giigigihyys2111

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 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 $75...