On July 15, 2016, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $880,000 and $390,000, respectively. The book value of the patent and equipment on the date of sale were $185,000 and $478,000 (cost of $693,000 less accumulated depreciation of $215,000), 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.)