SorCo Inc. has just entered into a sale agreement with a customer the contract is for $650,000. however, the payments will be made as follows: 1 august 20x1 on date of delivery $410,000, 1 August 20x2 120,000 and 1 August 20x3 $120,000. SorCo has estimated that the interest rate required for this customer is 6%.

required: prepare journal entry required to record the sale on 1 August 20x1 and the receipt of cash on 1 August 20x2 and 20X3.