SorCo. Inc. has just entered into a sale agreement with a customer. The contract is for $$1,600,000.$ However, the payments will be made as follows: $1$ August $20$X$1$ on date of delivery $$600,0001$ August $20$X$2$ $$500,000$ and $1$ August $20$X$3$ $$500,000.$ SorCo has estimated that the interest rate required for this customer is $9\%.$ SorCo follows IF Required:

Prepare the journal entry required to record the sale on $1$ August $201$ and the receIpt of cash on $1$ August

$202$ and $20$X$3.($If no entry is requlred for a transactlon$/$event$,$ select $"$No journal entry requlred" In the

first account fleld. Do not round Intermedlate calculations and round your final answers to the nearest

whole dollar.$)$

Record the sale on $1$ August $201.$

$2$ Record the receipt of cash on $1$ August $202.$

$3$ Record the receipt of cash on $1$ August $203.$

Note : $=$ journal entry has been enteredRS.