On July $15,2024,$ Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $$940,000$ and $$420,000,$ respectively. On the date of the sale, the book value of the patent was $$215,000,$ and the book value of the equipment was $$514,000($cost of $$759,000$ less accumulated depreciation of $$245,000).$

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.

Journal entry worksheet

Record the sale of the patent for $$940,000.$ On the date of the sale, the book value of the patent was $$215,000.$

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,-,,],[,1,,],[,,,]]$