5:21a God made Him who knew no sin to be sin on our behalf,

Christ never sinned, but God made him become ⌊all⌋ sin for our (incl.) sakes,
-or-
Even though Christ never sinned, God appointed him to represent ⌊all⌋ sin on our behalf,

5:21b so that in Him we might become the righteousness of God.

in order that by means of ⌊our relationship with⌋ him we become right with God.
-or-
so that we (incl.) become acceptable to God through our union with Christ.

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