Marshall's & Co. purchased a corner lot in Eglon City five years ago at a cost of $560,000. The lot was recently appraised at $582,000. At the time of the purchase, the company spent $43,000 to grade the lot and another $4,000 to build a small building on the lot to house a parking lot attendant who has overseen the use of the lot for daily commuter parking. The company now wants to build a new retail store on the site. The building cost is estimated at $1,190,000. What amount should be used as the initial cash flow for this building project?
$1,758,300
Options:
$1,780,300
$1,772,000
$1,776,300
$1,750,000