QUESTION 3 [16 MARKS | 24 MINUTES] IGNORE THE EFFECTS OF VALUE-ADDED TAX Thuto Publishers (hereafter Thuto') is a well-known publisher of educational books in South Africa. Thuto has a 30 April financial year end. With hopes of increasing revenue, the board of directors decided that Thuto will offer a volume rebate of 5% to all customers that purchase over 1 500 copies of any Financial Accounting textbook before year end (1 May - 30 April). This rebate is offered retrospectively. Brave Business School is one of Thuto's biggest customer. The school normally purchases at least 1 700 copies of Financial Accounting textbooks every year (1 May - 30 April) for their sponsored learners. It is expected that the school will easily reach the 1 500 textbook target required for the volume rebate before 30 April 2022. Brave Business School made the following purchases during the 2022 financial year end (all purchases were made in cash): Copies 1 000 Date 5 May 2021 10 June 2021 6 January 2022 Selling price Subject R400 per book Financial Accounting R380 per book Taxation R410 per book Financial Accounting 500 300 [16] REQUIRED: Prepare the journal entries that Thuto should process relating to the transactions with Brave Business School for the year ended 30 April 2022 in accordance with the International Financial Reporting Standards. Please note: Dates and journal narrations are not required