On July 15, 2016, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $910,000 and $405,000, respectively. The book value of the patent and equipment on the date of sale were $200,000 and $496,000 (cost of $726,000 less accumulated depreciation of $230,000), respectively.

Required:

Prepare the journal entries to record the sales of the patent and equipment