Donald Robinson, owner of Ivanhoe Estate Inc, buys and sells commercial properties. Recently, he sold land for $$3,120,000$ to the Kingbird Group, a developer that plans to build a new shopping mall. In addition to the $$3,120,000$ sales price, Kingbird Group agrees to pay Ivanhoe Estate Inc. $1\%$ of the retail sales of the mall for $10$ years. Kingbird estimates that retail sales in a typical mall project is $$950,000$ a year. Given the substantial increase in online sales that are occurring in the retail market, Donald had originally indicated that he would prefer a higher price for the land instead of the $1\%$ future$-$sales$-$based arrangement and suggested a price of $$3,362,000.$ However, Kingbird would not agree to those terms.

What is the transaction price for the land and related royalty payment that Ivanhoe Estate Inc. should record?

Transaction price $