SorCo. Inc. has just entered into a sale agreement with a customer. The contract is for $1,500,000. However, the payments will be made as follows: 1 August 201 on date of delivery $580,000;1 August 202$460,000 and 1 August 203$460,000. SorCo has estimated that the interest rate required for this customer is 9%. 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 caleulations and round your final answers to the nearest whole dollar.) Journal entry worksheet Record the sale on 1 August 20X1. Note: Enter debits before credits. Journal entry worksheet Record the recelpt of cash on 1 August 202. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits