A firm is considering expanding its storage facilities. The expansion would use land currently valued at $854,000 that was purchased several years ago for $835,000 cash. The expansion would require a new warehouse that is expected to cost $1,350,000, plus outdoor modifications costing $23,000, and the purchase of $75,000 of new equipment. What is the Time 0 cash flow for this expansion project?

Multiple Choice

$2,283,000

$2,302,000

$2,204,000

$2,185,000