On July 15, 2024. Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $950,000 and $425,000. respectively. On the date of the sale, the book value of the patent was $220,000, and the book value of the equipment was $520,000 (cost of $770,000 less accumulated depreciation of $250,000 ). 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 $950,000. On the date of the sale, the book value of the patent was $220,000. Note: Enter debits before credits. Record the sale of the equipment for $425,000. On the date of the sale, the book value of the equipment was $520,000 (cost of $770,000 less accumulated depreciation of $250,000 ). Note: Enter debits before credits