J Limited had on its books a patent for specialized retail display equipment with a carrying value of $160,000 as at 31st December 2020, which it had initially acquired in 2019 at a cost of $400,000. On 31st December 2020, the patent was disposed of with proceeds of $200,000 received.

 (i) Show the required journal entry to record the asset disposal in relation to the patent. 

(ii) What would the journal entry in(i) be if the sales proceed had been $120,000 instead of $200,000?