On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $880,000 and $390,000, respectively. On the date of the sale, the book value of the patent was $ $185,000, and the book value of the equipment was $478,000 (cost of $693,000 less accumulated depreciation of $215,000)

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.)

Answer is not complete.

No	Event	General Journal	Debit	Credit
1	1	Cashselected answer correct	390,000selected answer incorrect	not attempted
		Loss on sale of equipmentselected answer incorrect	88,000selected answer incorrect	not attempted
		Accumulated depreciation - equipmentselected answer incorrect	215,000selected answer incorrect	not attempted
		Equipmentselected answer incorrect	not attempted	693,000selected answer incorrect
2	2	Cashselected answer correct	880,000selected answer incorrect	not attempted
		Patentselected answer incorrect	not attempted	185,000selected answer incorrect
		Gain on sale of patentselected answer incorrect	not attempted	695,000