2 of 20 -/20 Question List View Policies Current Attempt in Progress Bill Amends, owner of Buffalo Estate Inc., buys and sells commercial properties. Recently, he sold land for $2,730,000 to the Blackhawk Group, a developer that plans to build a new shopping mall. In addition to the $2,730,000 sales price, Blackhawk Group agrees to pay Buffalo Estate Inc. 1% of the retail sales of the mall for 10 years. Blackhawk estimates that retail sales in a typical mall project is $980,000 a year. Given the substantial increase in online sales that are occurring in the retail market, Bill had originally indicated that he would prefer a higher price for the land instead of the 1% future sales-based arrangement and suggested a price of $2.996,000. However, Blackhawk would not agree to those terms. What is the transaction price for the land and related future sales-based payment that Buffalo Estate Inc. should record? Transaction price $ Question 1 Accounting Mubstep Viewing Question 2 Accounting Dropdown Question 3 Accounting Dropdown Question 4 Accounting Muste Question 5 eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Question 6 Accouning Muste Question 71 Question 8 Accounting Dropd