On July 15, 2024, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $760,000 and $330,000, respectively. On the date of the sale, the book value of the patent was $125,000, and the book value of the equipment was $406,000 (cost of $561,000 less accumulated depreciation of $155,000 ). 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 $760,000, On the date of the sale, the book value of the patent was $125,000. Notei Enter debits helore credits. Journal entry worksheet Record the sale of the patent for $760,000. On the date of the sale, the book value of the patent was $125,000. Note: Enter debits before credits. Journal entry worksheet Record the sale of the equipment for $330,000. On the date of the sale, the book value of the equipment was $406,000 (cost of $561,000 less accumulated depreciation of $155,000 ). Note: Enter debits before credits