On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $930,000 and $415,000, respectively. On the date of the sale, the book value of the patent was $ $210,000, and the book value of the equipment was $508,000 (cost of $748,000 less accumulated depreciation of $240,000) Prepare the journal entries to record the sales of the patent and equipment.
On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $930,000 and $415,000, respectively. On the date of the sale, the book value of the patent was $ $210,000, and the book value of the equipment was $508,000 (cost of $748,000 less accumulated depreciation of $240,000) Prepare the journal entries to record the sales of the patent and equipment.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 11P
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On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $930,000 and $415,000, respectively. On the date of the sale, the book value of the patent was $ $210,000, and the book value of the equipment was $508,000 (cost of $748,000 less
Prepare the
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