Explain and show how the following transactions would be reported in the financial statements

On 1 January 2020, K supplied goods on credit to a customer. The goods had a list price of RM 450,000. Due to the size of the order, the customer received a volume discount of RM 50,000 and the invoice to the customer showed an amount payable of RM 400,000. The terms of sale allowed the customer a prompt payment discount of RM 20,000 provided payment was made before 31 January 2020. On 30 January 2020, the customer paid RM 380,000 in full and final settlement of the amount payable.