4 SorCo. Inc. has just entered into a sale agreement with a customer. The contract is for $1,150,000. However, the payments will be made as follows: 1 August 20X1 on date of delivery $510,000, 1 August 20X2 $320,000 and 1 August 20x3 $320,000. SorCo has estimated that the Interest rate required for this customer is 7% ints Required: Prepare the Jounal entry required to record the sale on 1 August 20X1 and the recelpt of cash on 1 August 20X2 and 20x3. (If no entry Is requlred for a transaction/event, select "No journel entry required" in the first account fleld. Do not round Intermedlate calculations. Round final enswers to the nearest whole dollar.) elook View transaction list View journal entry worksheet Print No Date General Journal Debit Credit 1 Aug 20X1 Long-term Accounts receivable Beferences Cash 510,000 Revenue 2 1 Aug 20X2 Cash 320,000 Interest income Long-term Accounts receivable 3 1 Aug 20X3 Cash 320,000 Interest ingome Long-term Accounts receivable