SorCo. Inc. has just entered into a sale agreement with a customer. The contract is for $$1,550,000.$ However, the payments will be

made as follows: $1$ August $201$ on date of delivery $$590,000$;$1$ August $202$$$480,000$ and $1$ August $203$$$480,000.$ SorCo has

estimated that the interest rate required for this customer is $5\%.$ 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 $203.($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.$)$