• Record the sale on 1 August 20X1.
• Record the receipt of cash on 1 August 20X2.
• Record the receipt of cash on 1 August 20X3.

SorCo. Inc. has just entered into a sale agreement with a customer. The contract is for $800,000. However, the payments will be ma as follows: 1 August 201 on date of delivery $440,000;1 August 202$180,000 and 1 August 203$180,000. SorCo has estimate that the interest rate required for this customer is 10%. SorCo follows IFRS. Required: Prepare the journal entry required to record the sale on 1 August 201 and the receipt of cash on 1 August 202 and 20X3. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to the nearest whole dollar.) Journal entry worksheet Note: Enter debits before credits