Jack Jackson, owner of Wildhorse Estate Inc., buys and sells commercial properties. Recently, he sold land for $2,730,000 to the Sheffield Group, a developer that plans to build a new shopping mall. In addition to the $2,730,000 sales price, Sheffield Group agrees to pay Wildhorse Estate Inc. 1% of the retail sales of the mall for 10 years. Sheffield 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, Jack 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, Sheffield would not agree to those terms. What is the transaction price for the land and related royalty payment that Wildhorse Estate Inc. should record? Transaction price