Purple Press $($Pty$)$ Ltd is a company that sells various types of printers. Even though

their main business is the sale of printers, they also provide repairs and maintenance

services to those clients who request them. Purple Press $($Pty$)$ Ltd has a $31$ December

financial year$-$end.

Purple Press $($Pty$)$ Ltd entered into the following transactions with customers during

the $31$ December $2023$ financial year:

Transaction $1$:

On $5$ July $2023,$ Purple Press $($Pty$)$ Ltd sold $8$ Officejet $801$ printers to one of their

regular customers, Blue Laser $($Pty$)$ Ltd$.$ The printers were sold for R$1800$ per printer

and were delivered to Blue Laser $($Pty$)$ Ltd on $5$ July $2023.$ No additional services were

included with the purchase of the printers.

Due to Blue Laser $($Pty$)$ Ltd being a regular customer, Purple Press $($Pty$)$ Ltd offers

Blue Laser $($Pty$)$ Ltd a $5\%$ early settlement discount if their outstanding balance is

settled within $14$ days of purchase. Blue Laser $($Pty$)$ Ltd normally makes payment

within $14$ days and receives the early settlement discount.

Due to unforeseen circumstances, Blue Laser $($Pty$)$ Ltd was only able to make

payment for this purchase on $30$ July $2023.$

Purple Press $($Pty$)$ Ltd realises a $20\%$ mark$-$up on the cost price of an Officejet $801$

printer.discuss what Purple Press $($Pty$)$ Ltd needs to

consider in determining the transaction price for the printers sold to Blue Laser

$($Pty$)$ Ltd on $5$ July $2023,$ based on Step $3$ of the $5-$step approach in accordance

with IFRS $15$ of the International Financial Reporting Standards.