Question: Please only answer when you have the correct answer. if you answer is incorrect or irrelevant, I will report it to chegg and leave a

Please only answer when you have the correct answer. if you answer is incorrect or irrelevant, I will report it to chegg and leave a thumb down. thank you!

1. Record the sale on 1 August 20X1

2. Record the receipt of cash on 1 August 20x2

3. Record the receipt of cash on 1 August 20x3

SorCo. Inc, has just entered into a sale agreement with a customer. The contract is for $750,000. However, the payments will be made as follows: 1 August 201 on date of delivery $430,000,1 August 202$160,000 and 1 August 203$160,000. SorCo has estimated that the interest rate required for this customer is 7%. 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 calculations and round your final answers to the nearest whole dollar.)

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