Bill Amends, owner of Sarasota Estate Inc., buys and sells commercial properties. Recently, he sold land for $3,270,000 to the Blackhawk Group, a developer that plans to build a new shopping mall. In addition to the $3,270,000 sales price, Blackhawk Group agrees to pay Sarasota Estate Inc. 1% of the retail sales of the mall for 10 years. Blackhawk estimates that retail sales in a typical mall project is $1,060,000 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 $3,496,000. However, Blackhawk would not agree to those terms. What is the transaction price for the land and related future sales-based payment that Sarasota Estate Inc. should record?