Daimond plc developed a specialised software package for Kydd plc, and the installation of the software on Kydds computer system was completed on 31 August 2021. The total value of the invoice for the sale was 1,800,000, including value added tax at 20%. Daimond paid 750,000 on delivery and will pay the balance of 1,050,000 on 1 September 2022. Daimond has agreed to give the sales agent who negotiated this sale a bonus of 30,000, but this has not been referred to in the sales contract agreed by Kydd. What amount should Daimond use as the net transaction price in determining the amount of revenue to be recognised for this sale, assuming that Daimond uses a discount rate of 5% per annum in measuring deferred payments?

1,450,000

1,500,000

1,420,000

1,800,000