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Prepare the journal entries to record the sales

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Question - On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $760,000 and $330,000, respectively. On the date of the sale, the book value of the patent was $ $125,000, and the book value of the equipment was $406,000 (cost of $561,000 less accumulated depreciation of $155,000)

Required - Prepare the journal entries to record the sales of the patent and equipment.

Reference no: EM132482772

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