Amber Manufacturing Ltd is considering setting up a new manufacturing plant in Perth, WA. The company bought some land six years ago for $5.3 million in anticipation of using it as a warehouse and distribution site, but has since decided to rent facilities elsewhere. The land would sale for $7.7 million if it were sold today. The company now wants to build its new manufacturing plant on this land; the plant will cost $29.3 million to build, and the site requires $1,241,000 worth of grading before it is suitable for construction. What is the proper cashflow amount to use as the initial investment in non-current assets? Explain the treatment of each item you consider/do not consider in computing your answer. (You must show all workings needed to compute the cashflow).