Record entries from the transaction and event list provided below in proper journal entry format for the month of August, September, and October. All interest rates included in the transaction list are stated at an annual rate.

August

22. Purchased a Patent (Intangible Asset) for $79,000 on August 1^st. The patent will be amortized over a 10 year period on a straight-line basis.

[Adjusting Entry Required]

23. On August 6^th, a piece of land that was originally purchased for $1,150,000 was sold for $2,000,000 cash.

24. August 15^th, your customers bought 9,000 units of your product at $127 per unit. The cost of this product is determined by the method of inventory valuation used by your company. Customers paid you 45% in cash and the remainder was on account.

25. Received on August 25^th a $139,000 cash payment from a customer paying on their account.

September

26. $49,000 cash was paid for an investment in Company X's marketable securities on September 3^rd.

27. On September 12^th, a piece of equipment was sold for $810,000 cash. The equipment was originally purchased for $570,000. At the time of the sale, it had been depreciated by $70,000.

28. Purchased and used $9,400 worth of fuel for the delivery truck on September 18^th.

October

29. Your top sales officer met with a new customer to discuss a potential future contract. She informs you that the customer is considering signing the $260,000 deal, which would become effective February 2020.

30. On October 1^st, you purchased 11,250 units at the increased price of $77 per unit. The purchase was made on account.

31. On October 10^th you paid your supplier $95,000 cash for inventory purchased on account.