9.) ABD Corp. purchased a corner lot five years ago at a cost of $498,000 and then spent $63,500 on grading and drainage so the lot could be used for storing outdoor inventory. The lot was recently appraised at $700,000. The company now wants to build a new retail store on the site. The building cost is estimated at $1.1 million. What amount should be used as the initial cash outflow for this building project?

A. $1,863,500

B. $1,800,000

C. $1,261, 500

D. $1, 661, 500

E. $1,100,000