On 16 October 2020, Gifts Galore Ltd received an order for 120 corporate gifts from Namib Medical Aid, at N$460 (Incl. VAT) each. The corporate gifts are needed for the year end function on 11 December. Gifts Galore requires a 25% deposit before they start working on an order. The company also gives a 2.5% discount on full payments done within 7 days after delivery. Both Gifts Galore and Namib Medical Aid are registered for VAT. Namib Medical Aid paid the 25% deposit for the order on 16 October 2020 and the remaining amount on 11 December after delivery. Using the above information, what is the amount of revenue that should be recognized on 11 December 2020? (3 marks)