Question: Please help with this assignment............................................... SorCo. Inc. has just entered into a sale agreement with a customer. The contract is for $1,050,000. However, the payments

Please help with this assignment...............................................

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. Round final answers to the nearest whole dollar.)

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