Coleco Industries, the troubled toy maker, has agreed to sell most of its assets to a rival, Hasbro Industries, for $85 million in cash, the companies announced today. Coleco, which filed for bankruptcy court protection from creditors last July, will also receive warrants to purchase a million shares of Hasbro stock. A hearing on the agreement, which is subject to court approval, will be held within 30 days. Under the agreement, Hasbro, based in Pawtucket, R.I., will buy certain accounts receivable and inventory of Coleco, the maker of Cabbage Patch dolls. The deal is subject to the approval of Coleco's directors as well as Appalachian Artworks Inc., creator of Cabbage Patch Kids. In addition, it is subject to being completed by July 17.