SorCo. Inc. has just entered into a sale agreement with a customer. The contract is for $1,050,000. However, the payments will be made as follows: 1 August 20x1 on date of delivery $490,000; 1 August 20x2 $280,000 and 1 August 20x3 $280,000. SorCo has estimated that the interest rate required for this customer is 5%. Required: Prepare the journal entry required to record the sale on 1 August 20X1 and the receipt of cash on 1 August 20X2 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.) View transaction list Journal entry worksheet Record the sale on 1 August 20X1. Note: Enter debits before credits. Date General Journal Debit Credit 1 Aug 20X1