24.) Marshall's & Co. purchased a corner lot five years ago at a cost of $550,000. The low was recently appraised at and could be sold for $605,000 after tax. At the time of the purchase, the company spent $42,000 to grade the lot and another $3,700 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 $1,160,000. What amount should be used as the initial cash flow for building this project?