Several years ago, Erin acquired a tract of land located near the city of Richmond, British Columbia. These tracts cost $430,000. His original intention was to develop the tract into two subdivisions of 40 lots each for the purpose of then leasing the land to others. However, because of the ongoing responsibilities associated with his position at the University Of British Columbia, he has not found time to undertake this project. Even though he has made no effort to market the tracts, he receives a very attractive offer from a developer to purchase the land. The terms of the offer are as follows: Tract of land - The offer for the $430,000 tract was $1,000,000. The terms require a down payment on January 1, 2021 of $100,000. (10% of the sales price). Further payments of $300,000 each will be required on December 31 of 2022, 2023, and 2024. Erin decides to accept the offer. Required: Determine the minimum amounts that will be required to be included in Erin's income as a result of this transaction. Show the effect for each of the years 2021, 2022, 2023, and 2024 separately.