We relate two well-studied methodologies in deductive verification of operationally modeled sequential programs, namely the use of inductive invariants and clock functions. We show that the two methodologies are equivalent and one can mechanically transform a proof of a program in one methodology to a proof in the other. Both partial and total correctness are considered. This mechanical transformation is compositional; different parts of a program can be verified using different methodologies to achieve a complete proof of the entire program. The equivalence theorems have been mechanically checked by the ACL2 theorem prover and we implement automatic tools to carry out the transformation between the two methodologies in ACL2.