On July 15, 2016, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $800,000 and $350,000, respectively. The book value of the patent and equipment on the date of sale were $145,000 and $430,000 (cost of $605,000 less accumulated depreciation of $175,000), respectively. Required: Prepare the journal entries to record the sales of the patent and equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)