#2 please read the questionumbers carefully! similar questions may already be posted to Chegg but they have slightly different numbers. i will give upvote/thumbs up for correct answer! thank you for your help!

*if you give me an email and ask for money I will report you*

Kenneth Garcia, owner of Pharoah Estate Inc., buys and sells commercial properties. Recently, he sold land for $2,980,000 to the Bloom Group, a developer that plans to build a new shopping mall. In addition to the $2,980,000 sales price, Bloom Group agrees to pay Pharoah Estate Inc. 1% of the retail sales of the mall for 10 years. Bloom 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, Kenneth 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 $3,227,000. However, Bloom would not agree to those terms. What is the transaction price for the land and related royalty payment that Pharoah Estate Inc. should record? Transaction price $