Crane Treasures Company sells home furnishings. On February $1,$ Crane Treasures entered into a contract with Simon Development Ltd$.$ for home furnishings with a selling price of $$60,000$ and

terms of $\frac{n}{30}.$ The goods cost Crane $$36,000.$ Crane Treasures has a stated return policy of $20$ days from the date of sale and based on past transactions, management determines that returns

are $5\%$ of sales $65\%$ of the time and $10\%$ of sales $35\%$ of the time. The goods were delivered to Simon Development on February $15.$ Crane Treasures uses the expected value method to estimate

returns and the contract$-$based approach for revenue recognition.

$($b$)$

Calculate the transaction price for this contract.

Transaction price $